as a weekly practice I listen to npr and do a little sketch on one of the stories. take a look, you can click on the illustration to make it bigger!

Tuesday, March 17, 2009

Feds Seek Assets Held By Madoff's Wife

Bernard Madoff's wife could theoretically claim more than $100 million in assets — and should forfeit it all, according to federal prosecutors.The move by prosecutors seeks the court's help in recovering all of the Madoff properties, especially those kept in Ruth Madoff's name.

Madoff, 70, traded his $7 million Manhattan penthouse for a federal lockup on March 12, immediately after he described how he created a two-decade Ponzi scheme that paid off early investors with proceeds from new investors. Investors have reacted angrily to previous defense claims that Ruth Madoff is entitled to keep $69 million in assets that are in her name. Authorities say Madoff notified his 4,800 investors in November that they had nearly $65 billion in assets when there actually was about $1 billion left. He faces up to 150 years in prison when he is sentenced in June.

The assets that the government hopes to seize include four properties, $10 million in home furnishings and a $7 million yacht in France. The court document did not mention $2.6 million in jewelry, but the government did say it would seek forfeiture of "all insured and readily salable personal property" in any of the Madoff properties. Prosecutors also are seeking the forfeiture of a $39,000 Steinway piano and a $65,000 silverware set kept in the Manhattan penthouse. Peter Chavkin, a lawyer for Ruth Madoff, declined to comment.

-excerpt from NPR

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