Prosecutors Look To Seize Bernard Madoff’s Remaining Assets

by Heather

Prosecutors in the case against Bernard Madoff are seeking to seize his and wife, Ruth’s, remaining assets after the 70 year old “investor” plead guilty to 11 criminal charges associated with his large scale Ponzi scheme on March 12, 2009.

According to a document filed at the U.S. District Court in Manhattan, US Prosecutors are seeking the forfeiture of Madoff’s homes, cars, boats, securities, silverware and a piano that were believed to be paid for with gains from his illegal business activities.

Bernard Madoff is accused of swindling as much as $65 billion dollars from numerous investors. His scheme didn’t discriminate – he took from actors, charitable organizations and Holocaust survivors.

Madoff took new investment dollars to pay off earlier investors. When the credit market imploded and Madoff couldn’t tap into new money to cover the withdrawal requests of his clients, his fraudulent investment company came undone.

Madoff was denied bail and is currently in jail awaiting sentencing, scheduled to take place on June 16, 2009.