Madoff ordered to forfeit over $170 billion

[Adsos Letter]

Source: AP/Yahoo News

NEW YORK – Disgraced financier Bernard Madoff must forfeit $170 billion, a federal judge ordered Friday.

U.S. District Judge Denny Chin entered a preliminary order of forfeiture, and Acting U.S. Attorney Lev Dassin released a copy of the order Friday night. Madoff was ordered to give up his interests in all property, including real estate, investments, cars and boats.

According to earlier court documents, prosecutors reserved the right to pursue more than $170 billion in criminal forfeiture. That represents the total amount of money that could be connected to the fraud, not the amount stolen or lost.

The government also settled claims against Madoff's wife, according to Friday's order. Under the arrangement, the government obtained Ruth Madoff's interest in all property, including more than $80 million of property to which she had claimed was hers, prosecutors said.

The order makes it clear, though, that nothing precludes other departments or entities from seeking to recover additional funds.



Read more: http://news.yahoo.com/s/ap/20090627/ap_on_bi_ge/us_madoff_scandal

[sasquatch]

1. In a pigs ass he will

His descendants will be emporers of industry thanks to the money he stole.

[billyoc]

2. Descendants.

;)

[sasquatch]

3. Thanks

You try posting at 3am.

[caseymoz]

4. I don't know about that, and if they are going to, they'd better change their name.

Madoff made only one major error in his scheme: he pissed off rich people.

[sasquatch]

5. Yeah but behind every great fortune is a great crime

[caseymoz]

6. I don't know about that.

Probably, in the last few decades, it has been true-- since the pro-greed propaganda starting in the early eighties. I really don't mind having an upper class, but the political system matters very much to who gets into the upper class and who doesn't.

The upper-class we have now should be fired from their exalted place and prosecuted.

[question everything]

7. This is more than the 50 bil that his investors lost

so will they get it, or part of it, or, as when Spitzer went after Citi, will the State of NY, or the City of NY or the slush fund of any of the attorney general?

[The Stranger]

8. And he's still not talking, either.

[sarcasmo]

9. Make sure they get all of his wife's jewelry.