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Feds seize Madoff's mansion, yacht

(Agencies)
Updated: 2009-04-02 10:25

A 1969 Rybovich sport fishing boat belonging to Bernard Madoff is shown in a marina in Fort Lauderdale, Florida April 1, 2009 after it was seized by federal agents. [Agencies]

Prosecutors are seizing as much as they can of Madoff's personal fortune, and have begun demanding millions of dollars in payments from his relatives. Roughly 6,700 people have filed claims for a share of whatever is recovered. Thousands more - some who lost in excess of US$1 million - are expected to come forward.

Court documents filed by Madoff's attorneys indicate Madoff and his wife had up to US$826 million in assets - including the boats - at the end of last year.

Related readings:  Madoff pleads guilty, jailed for $65b fraud  Ruth Madoff's assets targeted  Madoff's sons may lose up to $30m  NY judge freezes assets of Madoff's brother

If prosecutors get their way, Madoff and his wife, who has not been charged, will have to give up all their assets, including a US$7 million Manhattan penthouse bought in 1984, the Florida home, a US$1 million home in Cap d' Antibes, France, and a US$3 million luxury home on New York's Long Island. The government also wants Madoff and his wife to forfeit US$10 million in furnishings for all the homes and luxury cars, among other items.

Defense attorneys have indicated they may try to keep the Manhattan apartment, as well as about US$62 million in securities, for his wife.

"We have no objection to the seizure or to the assets being sold," lawyer Ira Sorkin said in brief remarks Wednesday. "The proceeds of the sale will be put aside for discussion at a later date."

A small group of aggrieved investors - fearing they might be shortchanged by the forfeiture process - took steps Wednesday to try to force Madoff into personal bankruptcy so they can directly pursue his assets.

Disgraced Wall Street financier Bernard Madoff (R) arrives at a US Federal Court in March 2009 in New York. [Agencies]

A court-appointed trustee already has begun liquidating Madoff's business assets. Court papers filed by the Milberg and Seeger Weiss law firms in Manhattan asked a judge to lift an order that currently prevents involuntary bankruptcy for Madoff himself.

Also Wednesday, Massachusetts' top securities regulator accused a major feeder fund for Madoff's investment scheme of misrepresenting its lack of knowledge about Madoff's operations.

Secretary of State William Galvin accused Fairfield Greenwich Group of Connecticut of civil fraud charges, saying company officials were coached by Madoff on how to answer questions about his investment practices and misrepresented how much they really knew.

As far back as April 2008, Galvin said, Fairfield Greenwich principals began discussing the risk that Madoff would "blow up," but didn't disclose that risk to investors. He also said that Fairfield Greenwich kept a database of standardized responses to investors' questions, designed to reassure them that the firm had adequate controls to supervise assets at Madoff's company.

The administrative complaint seeks restitution for Massachusetts investors for losses from Fairfield Greenwich.

Fairfield Greenwich said in a statement the allegations are false and misleading and it intends to "vigorously" contest them. "FGG is appalled by the Madoff losses suffered by its investors, including its employees and the three investors who reside in Massachusetts," the statement said.

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