April 1. 2009

Bernard Madoff (AP)

Today, the U.S. government seized disgraced ponzi schemer Bernard Madoff’s home, yacht and boat in Florida. His $9.4 million mansion in Palm Beach, which has become a target for disgruntled investors in the neighborhood, his yacht “Bull” and his boat “Little Bull” won’t add very much to the till once liquidated, as Madoff’s fraud is estimated at $65 billion dollars.

I will never understand why the FBI and SEC let things reach this point. This story is disgusting beyond words, due to the widespread, mindboggling damage it has created. Government workers that sat on this case for 10 years should face that much time in prison, as well as financial forfeitures.

U.S. Marshals seize Madoff home, boats in Florida

Wed Apr 1, 2009 8:46pm EDT - PALM BEACH, Florida (Reuters) - U.S. Marshals on Wednesday seized a $9.4 million luxury home in Florida belonging to disgraced Wall Street financier Bernard Madoff and his wife after earlier confiscating two of their leisure boats.

There was no one living inside at the time as the federal agents moved into the two-story property at 410 North Lake Way, Palm Beach, set amid carefully manicured lawns and hedges on Florida's Intracoastal Waterway…

Madoff, a 70-year-old former Nasdaq stock market chairman, has been charged with operating the biggest investment fraud on Wall Street, cheating private investors, charities and pension funds out of an estimated $65 billion…

Earlier, federal agents in Davie, near Fort Lauderdale, took control of the 55-foot (17-meter) customized boat, called "Bull", at a local marina, while in Palm City, West Palm Beach, they seized "Little Bull", a smaller, 24-foot (7-meter) recreational craft….

http://www.reuters.com