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Bernard L. Madoff Ordered to Forfeit Over $170 Billion; Government Settles Claims of Ruth Madoff Against Forfeited Property
LEV L. DASSIN, the Acting United States Attorney for
the Southern District of New York, announced today that United
States District Judge DENNY CHIN entered a preliminary order of
forfeiture totaling $170,799,000,000 against BERNARD L. MADOFF.
The order, which is final as against BERNARD MADOFF, completely
divests BERNARD MADOFF of his interest in all property including,
but not limited to, real estate, investments, cars and boats, in
partial satisfaction of the forfeiture judgment.
Judge CHIN also signed a Stipulation and Order which
resolves all claims that RUTH MADOFF, BERNARD MADOFF's wife,
would otherwise have brought against the forfeited property.
Under the terms of the Stipulation and Order, the Government has
obtained RUTH MADOFF's interest in all property, including more
than $80 million of property as to which she would have claimed
an interest at a forfeiture hearing. RUTH MADOFF will retain
$2.5 million in funds in settlement of the claims that she would
otherwise have brought against the forfeited property, including
specifically all equity in the MADOFF residences in New York, a
portion of which the Government could not sufficiently link to
the criminal conduct charged in the felony Information to which
BERNARD MADOFF pleaded guilty. The Stipulation and Order makes
clear, however, that nothing precludes any other department or
agency of the United States or any other person or entity,
including the United States Securities and Exchange Commission
("SEC"), IRVING H. PICARD, ESQ. as trustee for the liquidation of
the business of BERNARD MADOFF Investment Securities LLC, the
Securities Investor Protection Corporation ("SIPC"), or ALAN
NISSELSON, ESQ. as trustee for the personal assets of BERNARD
MADOFF and RUTH MADOFF, from seeking to recover additional funds
or assets from RUTH MADOFF.
As a result of the entry of the two orders today, the
Government has stripped BERNARD MADOFF and RUTH MADOFF of all
their interests in property belonging to them, including, for
example:
- an account at Cohmad Securities Corp. valued at
approximately $46.67 million;
- an account at Wachovia Bank, N.A. valued at
approximately $13.3 million;
- a cooperative apartment located at 133 East 64th
Street, New York, New York, valued at
approximately $7.5 million (the "New York Co-op");
- property located at 216 Old Montauk Highway,
Montauk, New York, valued at approximately $7
million (the "Montauk Property");
- property located at 410 North Lake Way, Palm
Beach, Florida, valued at approximately $7.45
million (the "Palm Beach Property");
- approximately $1.48 million on deposit in the
United States Marshals Service Seized Asset Fund
representing the net proceeds of the sale of the
MADOFF's home at Chateau des Pins Villa 2, 279
Chemin de la Garoupe, Cap d’Antibes, France;
- all insured or salable personal property contained
in the above-listed properties including, but not
limited to: furniture, artwork, electronics and
appliances, jewelry, and apparel; and
- tens of millions of dollars of loans extended by
BERNARD MADOFF and RUTH MADOFF to family,
employees and friends.
The Stipulation and Order requires RUTH MADOFF to
retain temporarily certain assets in France on behalf of the
Government for the sole purpose of facilitating the sale of those
assets and forfeiture of the proceeds of the sale.
In addition, Judge CHIN entered four orders today
authorizing the United States Marshals Service to sell four
MADOFF properties: the New York Co-op, the Montauk Property, the
Palm Beach Property and certain cars and boats.
Mr. DASSIN thanked the United States Marshals Service
for its ongoing assistance in the forfeiture proceedings. Mr.
DASSIN also praised the investigative work of the Federal Bureau
of Investigation and thanked the SEC, SIPC, the United States
Department of Labor, and the Securities Investor Protection Act
("SIPA") Trustee for their assistance.
Assistant United States Attorneys BARBARA A. WARD,
SHARON E. FRASE, MARC LITT, LISA A. BARONI, and WILLIAM J.
STELLMACH, are in charge of the prosecution.
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