skip to main content
|

Market News

Friday July 3, 12:44 PM
Madoff's Wife Evicted As Penthouse Seized

By © Sky News 2009

Madoff's Wife Evicted As Penthouse Seized
Click to enlarge photo
Police have seized the £4.2m penthouse of Bernard Madoff, evicting the multi-billion dollar fraudster's wife.

The US Marshals Service said Ruth Madoff left the four-bedroom apartment on Manhattan's East Side when they arrived.

It is not known where she went or where she will live now.

"Ruth Madoff has vacated the residence and surrendered all saleable personal property within the residence to the United States Marshals Service," a statement said.

Madoff, 71, was sentenced to 150 years in jail on Monday for a massive fraud that conned investors out of £40bn.

He was arrested by the FBI last December and pleaded guilty in March.

Court documents said the apartment's contents include a Steinway piano valued at £24,000, clocks, lamps, lighting fixtures and sconces worth about £1m; paintings,
prints and photographs worth £977,000 and other valuables.

Under an agreement with prosecutors, Mrs Madoff, 68, agreed to forfeit any claims to £49m in assets and was left with £1.5m in cash.

She also gave up rights to £1.5m in jewellery, a mink coat worth £7,600 and a Russian sable worth £22,000.

The deal includes the Manhattan apartment, a £7m house in Palm Beach and a £2m residence on New York's Long Island.

The deal does not rule out future criminal charges or civil charges by regulators.

Madoff was also ordered to forfeit claims to £104bn, the amount US prosecutors said flowed through his principal account over the decades.

The figure is symbolic because he is not believed to possess anywhere near that much in money or assets.

Click here for more breaking stories from Sky News

Send Article by Email  |  Send Article by IM  |  Blog This with Y! 360  |  Printable View

More From > Business
  Previous article : Prudent Brits Knock £8bn Off Mortgage Debt ( Sky News)
  Next article : Wispa Fanatics Celebrate Golden Return ( Sky News)
Yahoo! Finance : US Markets Focus
Yahoo! Finance : US Markets Focus

Sky News
FTSE 100  Gainers  Losers
FTSE 250 Quotes by Sector
Dow Jones  Nasdaq  S&P 500
DAX 30   Eurostoxx 50
 

Recession

  Just how deep is the trough?
Banking Crisis
 

Are the banks out of the woods?

Stock Market Crash
  Explaining the global market turmoil
Money saving Tips
 

How to beat the credit crunch

Isn't Finance Funny?
 

Scandals and silliness


Message Boards
Property Pensions
Savings Utilities
UK Stocks Investing
Speach bubble House prices falling, rents falling
Speach bubble YOU WERE CREATED BY GOD FOR GOD AND WITHOUT GOD IN YOUR LIFE YOU ARE DEFEATED
Speach bubble What kind of people post on this board?
Speach bubble Are American women with brains welcome here?
Speach bubble BNP Paribas predict UKP/euro parity


Archives of
Copyright © 2009 Sky News. All rights reserved.