Madoff The Ponzi Master – 3d Madoff appeals for bail and reveals wife’s huge fortune 11
After barely 24 hours in prison, the Wall Street fraudster Bernard Madoff has launched an attempt to return to his Manhattan penthouse through an appeal for bail which discloses the true extent of his lavish lifestyle.
Documents filed by defence lawyers estimate that Madoff and his wife, Ruth, have assets worth between $823m and $826m (£589m to £591m) including four homes, four boats, a share in a private jet and a Steinway piano. To maintain their properties, they are burning through cash at a rate of $346,757 a month.
In a filing to the US appeals court, Madoff’s lawyer, Ira Sorkin, says his client was fully co-operative with the terms of his release before judge Denny Chin jailed him on Thursday.
Sorkin says the judge’s description of Madoff as a “flight risk” is “clearly erroneous”, pointing out that he made no attempt at escaping during three months under house arrest even though he was “always cognisant of the fact that he would die in prison”.
Sorkin says Madoff and his wife have told the US government that they are “willing to relinquish many of their assets”.
Details of the couple’s wealth are unlikely to please Madoff’s victims. The financier has in effect been living off the proceeds of crime for nearly two decades, having admitted in court that he began operating his investment firm as a Ponzi scheme as far back as the early 1990s.
The couple’s flat on Manhattan’s upper east side is valued at $4m, while a house in the millionaires’ playground of the Hamptons is worth $1.58m. A Palm Beach getaway has a price tag of $2.46m and a property in the French resort of Antibes is pegged at $900,000. They keep a $7m yacht named Bull on a $1.5m boatslip near their house on the Côte d’Azur. Another boat, Sitting Bull, is worth $320,000 while a vessel in Florida described as a “Rybovich fishing boat” is valued at $2.2m.
Read the rest of the story here.
17
Read more…
Burned Madoff Investors Appeal Dismissal Of SIPC Suit – Law360
Three investors who lost their savings because of Bernard L. Madoff’s Ponzi scheme have asked a court to reopen a case that accuses trustee Irving Picard of foot-dragging on insurance payouts.
Investor Loses Appeal Of Bid To Recover $10M From Madoff
A US district judge Monday upheld a prior decision that an investor who entrusted $10 million to convicted Ponzi-scheme operator Bernard L. Madoff days before his arrest can’t jump ahead of other investors to access his money.
Technologos On SEC Institutional Incompetence: Madoff Ponzi …
Financier Madoff Appeal Defiance is a living prove of Global Financial Institutes and SEC Systemic Fallacy and a testament of FED’s systematic financial fraud with Lori Richards resignation as head of the Securities and Exchange …
Who Is The Federal Judge Who Rejected The Government’s Appeal To …
Wanted to know who the federal judge was who rejected the government’s appeal to send Bernard Madoff to jail when this dirt bag belongs. He is under house.
Mail this post