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Court Deal Strips Madoff Wealth

Saturday 27 June 2009

by: BBC News  |  BBC News

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Bernard Madoff, arriving at federal court in March. (Photo: Getty Images)

    A US court has stripped disgraced financier Bernard Madoff and his wife of their wealth.

    Madoff forfeited rights to assets totalling $170bn (£103bn) - the figure prosecutors said passed through his investment firm over the years.

    His wife Ruth agreed to forfeit $80m in assets - including property - but was left with $2.5m in cash.

    In March Madoff, 71, pleaded guilty to masterminding a $50bn investment fraud and will be sentenced on Monday.

    He has asked for a 12-year term, but prosecutors say they are seeking one of 150 years.

    Court papers said the figure of $150bn represents the total amount of money that could be connected to the fraud.

    Losses identified as fraud currently exceeded $13bn, prosecutors said.

    The $80m forfeited by Ruth Madoff - who is not facing charges - includes the couple's Manhattan home, another also in New York and a house in Florida.

    Bernard Madoff has admitted defrauding thousands of investors in a Ponzi scheme he said had been running since the early 1990s.

  

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Comments

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If you think he doesn't have

 Sun, 06/28/2009 - 01:11 — Joel Rosenblum (not verified)
If you think he doesn't have a bunch of untraceable offshore bank accounts... I have a bridge to sell you.

If the judges order stands

 Sun, 06/28/2009 - 03:00 — HB (not verified)
If the judges order stands it will be a rare case of true justice. BUT: Madoff got all that attention because he ran a Ponzi scheme against the rich and famous Those who created and profited from the Housing Loan scheme stole from all the little investors so they got rewarded instead of recieving similar punishment and similar publicity- which is what they deserve.

So, why not 150 years in

 Sun, 06/28/2009 - 04:24 — Anonymous (not verified)
So, why not 150 years in jail? Now, can we go after Bush Co, Cheney's chain gang and the rest of those who ripped us off? There is after all...a very long list.

How can you say they were

 Sun, 06/28/2009 - 13:23 — Nancy (not verified)
How can you say they were stripped of their wealth and also say the wife is left with $2M in cash? Some of the victims were left with nothing and must live with family because they had to sell their homes. Why isn't Ruth living with her sons and relying on their kindness and generosity?

It seems to me that the

 Sun, 06/28/2009 - 15:19 — Yossarian_22 (not verified)
It seems to me that the lesson here is...if your a big bank and you rip off the poor, you get even more money for your trouble. However, if you are a rich guy that schemes to ripoff fellow rich people, you may go to jail. Also, if you are poor and you ripoff a rich guy, you definitely go to jail. If you are poor and you ripoff a poor person, you probably will go to jail. It's a class thing.