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I would gladly spend my senior years in a jail cell, if I knew my children and my childrens children and on and on and on were going to be set for life
Madoff, who has been jailed since March, already has taken a severe financial hit: Last week, a judge issued a preliminary $171 billion forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife Ruth had claimed were hers. The order left her with $2.5 million that couldn't be tied to the fraud.
The terms require the Madoffs to sell a $7 million Manhattan apartment where Ruth Madoff still lives. An $11 million estate in Palm Beach, Fla., a $4 million home in Montauk and a $2.2 million boat will be put on the market as well.
The trustee and prosecutors have sought to go after assets to compensate thousands of victims who have filed claims against Madoff. How much is available to pay them remains unknown, though it's expected to be only a fraction of the astronomical losses associated with the fraud.
The $171 billion forfeiture figure used by prosecutors merely mirrors the amount they estimate that, over decades, "flowed into the principal account to perpetrate the Ponzi scheme." The statements sent to investors showing their accounts were worth as much as $65 billion were fiction.
The investigation has found that in reality, Madoff never made any investments, instead using the money from new investors to pay returns to existing clients — and to finance a lavish lifestyle for his family. The actual loss so far has been put at $13.2 billion. But the judge said that was a conservative estimate and noted that even Madoff told his sons in December it was a $50 billion fraud.
Originally posted by ohioriver
Whats the chances that Obama will pardon him at the end of his term as President?
Originally posted by grapesofraft
Bernie Madoff ripped off 50 billion dollars or more and all the government can do is take his houses, cars, boats, etc. When it is all said and done he will still have billions stored away somewhere, and his ancestors will be loaded.
I would gladly spend my senior years in a jail cell, if I knew my children and my childrens children and on and on and on were going to be set for life. What is the big deal? In a few years he would have ended up in some nursing home waiting to die anyway.
Bernie Madoff is a flipping genius!