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Agents seize Madoff wealth in Florida
Fri, Apr 03, 2009
AFP

MIAMI, US - US officials on Thursday tallied up an inventory of Florida assets belonging to convicted swindler Bernard Madoff, one day after federal marshals seized a 9.4 million dollar mansion and two of his yachtes.

Madoff, 70, is in a New York jail awaiting sentencing for running a multi-billion-dollar Ponzi fraud, the biggest fraud in Wall Street history. He faces of up to 150 years behind bars.

Federal agents seized two Madoff yachtes - a 55-foot (16.8-meter) yacht named "Bull," valued at 2.2 million dollars, and a smaller vessel named "Little Bull" - at marinas in Fort Lauderdale, 50 kilometers (31 miles) north of Miami on Wednesday.

They then seized a five-bedroom Madoff-owned mansion in a tony neighborhood of Palm Beach, located just north of Fort Lauderdale.

"We got three big items," Barry Golden, the Miami-based spokesman for the US Marshals Service, told AFP on Thursday.

Golden said that agents also seized a Mercedes Benz vehicle at the Palm Beach home.

"Other items seized are just normal stuff from the house, not to be mentioned to the public," Golden said, adding that no further seizures were expected in Florida at the time.

Golden said the items would be inventoried and auctioned off to benefit Madoff's creditors.

Madoff ran a pyramid scheme that collapsed when his clients asked to withdraw their capital in late 2008. He was arrested December 11, and pleaded guilty to criminal charges of fraud on March 12, and is scheduled to be sentenced in June.

A former chairman of the Nasdaq stock exchange and noted Wall Street innovator, Madoff was a pillar of the wealthy and tight-knit Jewish community in Long Island and Florida.

Many of his thousands of victims were friends and respected figures from the worlds of finance, entertainment and charity.

 

 
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