Court order seeks to strip Madoff of $171 billion
Lawyer Blogs
Bernard Madoff would be stripped of all his possessions under a $171 billion forfeiture order handed down only days before prosecutors seek to put the disgraced financier away in prison for the rest of his life.
U.S. District Judge Denny Chin entered the preliminary order Friday, ruling that Madoff must give up his interests in all property, including real estate, investments, cars and boats.
The forfeiture represents the total amount that could be connected to Madoff's fraud, not the amount stolen or lost, and the order made clear that nothing prevents other departments or entities from seeking to recover additional funds.
A call to Madoff's lawyer, Ira Sorkin, after hours Friday was not immediately returned. In a court filing in March, Sorkin said the government's forfeiture demand of $177 billion was "grossly overstated — and misleading — even for a case of this magnitude."
The 71-year-old Madoff pleaded guilty in March to charges that his exclusive investment advisory business was actually a massive Ponzi scheme. Federal prosecutors say Madoff orchestrated perhaps the largest financial swindle in history.
Acting U.S. Attorney Lev Dassin, who released a copy of the order Friday night, plans to seek a 150-year prison term at Madoff's sentencing Monday. Sorkin has argued in court papers for a 12-year term.
According to Friday's order, the government also settled claims against Madoff's wife. Under the arrangement, the government obtained Ruth Madoff's interest in all property, including more than $80 million-worth that she had claimed was hers, prosecutors said. The order left her $2.5 million in assets.
Related listings
-
Court: AG must go to court to probe nat'l banks
Lawyer Blogs 06/29/2009The Supreme Court says state attorneys general can't issue their own subpoenas in investigations against national banks. However, the high court in a decision on Monday said that an attorney general can get a court to issue subpoenas in an investigat...
-
Legal, insurance fees mounting for Metro
Lawyer Blogs 06/26/2009The deadly Metro crash that killed nine people and injured more than 70 is already having a financial effect on the transit system, with legal fees and insurance premiums mounting. The first of what is expected to be many lawsuits was filed two days ...
-
Supremacist blogger accused of threatening judges
Lawyer Blogs 06/25/2009A white supremacist blogger was arrested at his New Jersey home Wednesday and charged with threatening to assault or murder three Chicago-based judges who refused to overturn local ordinances banning handguns. Hal Turner, 47, a former Internet radio ...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .