Poetic Justice Served: Bernie Madoff Loses Everything … Must Forfeit $170 Billion per Federal Judge Order
Poetic Justice … Madoff has all possessions taken.
Disgraced financier Bernard Madoff and Ponzi scheme developer extraordinaire has been forced to forfeit all of his interests in all property, including real estate, investments, cars and boats. Bernie Madoff, the mad who has destroyed so many individuals life savings now will have none of his own.
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.
It also appears, according to the Madoff settlement with the government that his wife, Ruth Madoff, will be homeless as her homes will be confiscated as well. Even though she has agreed to give up $80 million of her assets, she should consider herself lucky as she is walking away with $2.5 million in cash. That is a lot more than many of the people who Madoff and his family screwed. 71 year old Bernie Madoff faces 150 years in prison for his role in orchestrating perhaps the largest financial swindle in history
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.
No amount of money that the feds find will ever come close the the devastation and full amount that the Madooff’s swindled from people. There is no dollar figure or years in prison that will justly equal a punishment for this man and his family who lived high on the hog at the expense of so many people’s investments and retirement.