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U.S. Turns Up The Heat On Madoff Clan, Wants 34 Million In Assets

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posted on Mar, 17 2009 @ 06:02 PM
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This should be interesting...like a three ring circus.
I am still waiting for this whole thing to blow the SEC wide open.

The SEC was informed that evidence existed to prove Madoff to be a fraudster. Submission was made to the SEC November 7th, 2005; evidence that Madoff was likely running a fraudulent operation.

online.wsj.com...

Question is…why didn’t they act on the tips? Were they afraid? Were they covering for a more fraudulent operation than the giant Ponzi scheme Madoff was running?



NEW YORK (Reuters) - U.S. prosecutors stepped up the pressure on Bernard Madoff's family on Tuesday, signaling their intent to ask for $31.5 million from loans to his sons and $2.6 million worth of his wife's jewelry.


www.reuters.com...


wife, Ruth, will be asked to surrender their interests in more than a dozen businesses and partnerships, federal prosecutors said.
Prosecutors, who on March 15 said they planned to seize real estate, cash and bonds from the couple, filed another document today listing new assets they seek to seize. The assets include the Madoffs’ interest in Sterling Equity Partners, more than $30 million in loans owed to them by their children, jewelry and watches. Bloomberg News




[edit on 17-3-2009 by burntheships]




posted on Mar, 17 2009 @ 06:18 PM
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reply to post by burntheships
 




This should be interesting...like a three ring circus. I am still waiting for this whole thing to blow the SEC wide open. The SEC was informed that evidence existed to prove Madoff to be a fraud. Submission was made to the SEC November 7th, 2005; evidence that Madoff was likely running a fraudulent operation.



1) The FIX is in.

2) Madoff should have been charged under the RICO Act. Racketeering Influence and Corrupt Practices Act. This would have allowed the prosecutor to TRACE all his wealth and confiscate all of it, including that now in the hands of his wife and children. It's all bought on stolen money.

3) The SEC looks to have criminal liability. We'll see just how FAR the FIX is in.


[edit on 3/17/2009 by donwhite]



posted on Mar, 17 2009 @ 06:34 PM
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Yes it is clear that the FIX is in.
Likely we will wait forever unless proof is required that Ruth obtained her fortune with untainted money! Even then, they will fix that...


It would be fairly easy to charge Mr. Madoff with a RICO violation under Section 1962(c), which requires proof that he conducted an enterprise, like his investment advisory business, through a pattern of mail and wire fraud. The mailing of falsified account statements and the receipt of customer wire transfers over the years that he operated the Ponzi scheme would establish a RICO violation in fairly short order.

If he were convicted under RICO, the government could then seek the forfeiture of all proceeds of his criminal activity. One might think that giving the property away or putting it in his wife’s name might insulate Mr. Madoff from the forfeiture provision, but that is not necessarily the case.
Can Ruth keep the Penthouse?



[edit on 17-3-2009 by burntheships]



posted on Mar, 17 2009 @ 06:37 PM
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The whole family should be dealt with in the same manner that criminals of their sort are dealt with by the Chinese..... There is a whole mess of people with off shore and Swiss bank accounts that need to be dealt with along with this evil blight on humanity.



posted on Mar, 18 2009 @ 10:37 AM
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Looks like things are heating up here...this will certainly affect the investigation into Ruth Madoff and her claim that the assests she holds are unrelated to Madoff's Ponzi Scheme.


Friehling operated the Friehling & Horowitz accounting firm with his father-in-law, Jerome Horowitz, a former outside accountant for Madoff who retired in the 1990s and moved to Palm Beach Gardens, Florida. The firm operated out of a 550- square foot space in New City, a northern suburb of New York City in Rockland County. Friehling surrendered today in Manhattan federal court.


www.bloomberg.com...



posted on Mar, 18 2009 @ 10:42 AM
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One by one, they'll get them. They'll put the pressure on them as a group and individually. One by one, they'll crack. They'll look to make deals, creating more deals.

Shana might be the first to crack. She's the party girl, tramp niece who went from sleeping with many of wall street's hottest and most desireable to marrying some chubby dork from the SEC who, coincidentally, investigated madoff's firm. He resigned from the SEC for months after he met Shana.

She has a family. she isn't going to want to be sent to prison. She'll sing.

And one by one they'll become the Von Trapp family.


Or they'll be silenced.



posted on Mar, 18 2009 @ 10:54 AM
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reply to post by Crakeur
 


Funny, I just posted to your thread...it has lots of sleuthy information...!

www.abovetopsecret.com...'

Yes I like to think they will start to crack...and some may even turn on each other.

They just arrested Friehling, Mafoff's accountant. Things are getting mighty interesting...



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