While Ruth Madoff was not accused her assets will be seized?

March 17, 2009 - 7:47am | Law aspects | News |
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While Ruth Madoff was not accused her assets will be seized?
The U.S. Attorney General is seeking to seize some of the $826 million fortune that belongs to Bernard Madoff and his wife Ruth after Madoff pleaded guilty to 11 counts of fraud and money laundering.

According to a court document filed to the U.S. District Court in lower Manhattan assets sought by the federal prosecutors include the Madoffs’ four homes – in New York, Montauk, Palm Beach and the south of France – as well as Mrs Madoff's $65,000 silverware collection and a piano.

Another filing submitted on Friday unveiled that the assets of the couple are estimated at as much as $826 million. Yet $700 million of these assets are related to the 70-year old's stake in his market-making business which has been seized by a federal liquidator.

Authorities also seek to take over the pair's stake in the Cohmad Securities business, which acted as an intermediate between Madoff's fund management business and investors.

While Ruth Madoff was not found to bear any relation to her husbands Ponzi scheme he ran for about 20 years the property sought by the prosecutors include her own assets like three of the four houses and some of the couple's yachts which are registered in Mrs Madoff's name. she was not questioned by federal investigators or charged with any wrongdoing.





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