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Madoffs Seek To Keep Nearly $70 Million

boomerang

boomerang

Lifer
Let the games begin. The biggest crook in my lifetime (IIRC) is making his play to maintain the status quo. Assuming he rots in jail (unlikely?), his wife should be entitled to a nice three bedroom in a subdivision somewhere. Let her rely on Social Security like the working class. IMO, all of their assets should go towards restitution.

Well, I guess you can't fault them for trying. They might just succeed.

http://www.npr.org/templates/s...=101360780&ft=1&f=1018

NPR.org, March 2, 2009 · Bernard Madoff and his wife claim they are entitled to keep a $7 million Manhattan apartment and an additional $62 million in assets.

Court papers filed on Monday state that Madoff and his lawyer say the Manhattan penthouse and money held in accounts of Madoff's wife, Ruth, are not subject to seizure.

The court papers say Madoff claims the apartment and the $62 million are unrelated to a $50 billion fraud Madoff has been accused of carrying out.

The $62 million contains $45 million in municipal bonds on deposit in an account held by Ruth Madoff and $17 million in her name at Wachovia Bank.

Madoff has been confined to the apartment under house arrest as the government investigates the sweeping fraud allegations.
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Who bought the bonds and with whose money

They don't deserve to keep my dirty underwear over their faces

And, in America.. they will get a lawyer who will help them keep the stolen money
 
If convicted, he should have ALL of his money taken. EVERY SINGLE PENNY BAR NONE. His wife, if she knew he was a crook EXACT SAME FVCKING THING. If not, well she can live rich but in any case he should not only have all his money taken but go to prison until he dies of old age.
 
Originally posted by: winnar111
Can their primary residence even be seized?
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I have no idea how something like this works. I guess if it could be proved that stolen money was used to purchase the residence, it's a possibility.

I'm not a lawyer, so I really have no idea. I do have a sense of what's right and what's wrong though.
 
Originally posted by: Skoorb
If convicted, he should have ALL of his money taken. EVERY SINGLE PENNY BAR NONE. His wife, if she knew he was a crook EXACT SAME FVCKING THING. If not, well she can live rich but in any case he should not only have all his money taken but go to prison until he dies of old age.
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Even if she didn't know he was a crook, does she really deserve $70,000,000.00? No fucking way. She doesn't need the Manhattan penthouse, and she certainly doesn't need $62,000,000.00 of her husband's dirty money (and, let's face it, there's no way she got that sum of money without his help; it's not like she was prudently investing clean money while he cheated his way to billions). I'm not saying make her a pauper, but $1,000,000.00 is more than generous when you're talking about giving away stolen money to the family of the thief. If she can't survive on that, fuck her.
 
Originally posted by: winnar111
Can their primary residence even be seized?
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Not their 14M Palm beach house. Florida has very generous homestead laws. It's why all the crooks and criminals go there to retire.

NY and most other states they are screwed. Their is a statutory limit of 125k-350K in most.
 
I agree that Mrs. Madoff should get a basic residence.

I have a very fair figure for what Mr. Madoff should get: 0.
 
The great thing is if this guy ever actually sees a real prison, his life expectancy will be pretty low lol.
 
Bernie and his thieving wife should go to jail, straight to jail, do not pass go, and should retain zero money. I for one will be outraged if they are even sent to any country club prison. They should be put in iron cages and fed bad food.

They could be in jail for a million years, and still not pay a fraction of the debt they owe society.
 
Money is money. This is akin to BofA(Merrill) saying that none of the bailout money was used to pay $15B in bonuses to its employees.

IMO they should strip this guy of everything he has.
 
Originally posted by: Zebo
Originally posted by: winnar111
Can their primary residence even be seized?
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Not their 14M Palm beach house. Florida has very generous homestead laws. It's why all the crooks and criminals go there to retire.

NY and most other states they are screwed. Their is a statutory limit of 125k-350K in most.
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Right, I remember reading how OJ got to keep his pension and his mansion in Florida. Well, until recently.
 
Lets not forget that these scams were also used by drug cartels and mafioso to launder money. This wasn't just a scam that defrauded a bunch dumb rich people. This scam was used to wash dirty drug money as well.
 
$70 million is only what he's asking to keep on the record. Remember that's only 0.15% of $50 billion.

I imagine there are several numbered overseas accounts that have several hundred million in them waiting for Bernie when he gets out of jail.
 
Originally posted by: jpeyton
$70 million is only what he's asking to keep on the record. Remember that's only 0.15% of $50 billion.

I imagine there are several numbered overseas accounts that have several hundred million in them waiting for Bernie when he gets out of jail.
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Short answer, Bernie and pals should never get out of jail, or be allowed to tap those swiss accounts.
 
Why aren't we seizing money from Madoff's brother and sons? Why isn't Madoff in Guantanamo Bay right now being interrogated? Obama is being a rookie here. If he had seriously figured out a way to make sure Madoff and his family were in rags for the rest of their lives, he would have gotten some serious credibility. Instead, Madoff is residing him in million dollar apartment laughing every time he looks at his multibillion dollar swiss account.
 
Originally posted by: Hacp
Why aren't we seizing money from Madoff's brother and sons?
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Are they involved with his fraud?

Why isn't Madoff in Guantanamo Bay right now being interrogated?
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Because we're trying to close Gitmo, not stuff it full of more prisoners.

Obama is being a rookie here. If he had seriously figured out a way to make sure Madoff and his family were in rags for the rest of their lives, he would have gotten some serious credibility. Instead, Madoff is residing him in million dollar apartment laughing every time he looks at his multibillion dollar swiss account.
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Obama isn't a criminal attorney; he's the POTUS. Busy running a country. Y'know?
 
Originally posted by: jpeyton
Originally posted by: Hacp
Why aren't we seizing money from Madoff's brother and sons?
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Are they involved with his fraud?
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Here is the gist. Almost all of the money they earned came from madoff's company. It is all fake earnings. They would never had made hundreds of millions if their dad wasn't a Ponzi master.
 
Well that is sure our social need and object lesson, better that any money remaining from the ripoff of Madoff go to Madoff lawyers, there would be something deeply wrong if we used any remaining assets to actually compensate his victims.
 
The question now is if this Madoff guy will pay his taxes. If he does, then we need to track him down and investigate his "Ponzi Scheme"; if he didn't pay his taxes, we need to track him down also so we can get him a cabinet position - Commerce Secretary or something!
 
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