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Bernie Madoff's mansion and yacht are seized by Feds
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by Amy Judd | April 1, 2009 at 04:33 pm
331 views | 53 Recommendations | 7 comments
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Disgraced financier Bernie Madoff's Palm Beach mansion and yatch, and one other smaller boat was seized today by the Feds, which is part of a bigger effort to recoup some assets to pay back some investors.
Barry Golden, a spokesperson for the US Marshals Service, said that about five US marshals arrived at the home today to seize possession of it, after they had already secured the yacht and boat.
No one was at home when they arrived, and they proceeded to enter the property, change the locks and take inventory of everything through filming and photographing them, and they may be removed at some point later in the year.
Golden said:
"It's not an April Fools' joke," he said.
Palm Beach County property records show the mansion was purchased in 1994 under his wife Ruth's name for $3.8 million. The 2008 property tax bill was $157,298. Golden said the estate would be "monitored and maintained" and is no longer considered Madoff's property.
"Once the judge signed the order, it stopped being Bernie Madoff's home," Golden said.
Madoff is currently in jail in New York awaiting sentencing in what is now the biggest Wall Street scam in history; he could get 150 years in prison.
If the prosecutors in the case are successful, all of Madoff's assets, including those of his wife, will be taken away; they total up to $826 million.
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mashget
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mtammas
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Most RecentMost Recommended Comments (7)
at 18:48 on April 1st, 2009
"A repo man's got all night, every night!" - Bud, Repo Man
at 21:52 on April 1st, 2009
Hope that is not all they seize
at 15:03 on April 3rd, 2009
Thats Karma at its best.What a greedy man.
at 17:13 on April 1st, 2009
Way to go Feds! I'm sure the investors are waiting for the New York penthouse to go too, though.
at 17:21 on April 1st, 2009
What a farce! The taxpayers wil pay for the 'victims' reimbursement, plus they get tax write-offs, and AND reimbursements from Lloyd's of London in addition!
Beginning to think the rumors are right. His hedge fund tanked.
at 17:56 on April 1st, 2009
Good.
at 19:47 on April 3rd, 2009
Wow, this hadn't been done already?