Prosecutors Going after Madoff’s Assets

Now that Bernard Madoff has pleaded guilty to 11 criminal counts relating to investment fraud, federal prosecutors will go after his assets, including four homes and four boats, CNN reports. Among Madoff’s assets, many of which are in his wife’s name, are:

• A Manhattan condo worth $7 million, plus homes in Montauk, N.Y.; Palm Beach, Fla.; and France
• A yacht named Bull, docked in France and three other boats
• Two Mercedes, one BMW and one Volkswagen
• A $39,000 Steinway piano
• A $65,000 silverware set
• $17 million in Wachovia Bank
• $45 million in securities

Madoff's lawyers estimate that worth up to $826 million and his business is estimated at $700 million. On Thursday, after pleading guilty to all counts, he was ordered to jail at the Metropolitan Correctional Center in lower Manhattan. He will be sentenced June 16 and could get up to 150 years in prison. According to prosecutors, he took billions of dollars from thousands of investors.

Click here to read about all 11 charges.

Source:

CNN: Feds Go After Bernard Madoff's Riches