Court Orders Madoff to Hand Down $171 Billion

Madoff Faces at least 150 Years Behind Bars

Summary: US District Judge has ordered Madoff to hand down claims in all of his properties after he pleaded “guilty” last March on charges of massive fraud regarding hisexclusive investment advisory business.

A New York-based US District judge on Friday has ordered billionaire Bernard Madoff to forfeit interests in all his properties amounting to some $171 billion, days before state prosecutors will ask the court to send him to prison for the rest of his life.

In a preliminary order issued Friday, US District Judge Denny Chin has ordered Madoff to turn over all his possessions, which he acquired in connection with the fraud he has committed. The amount of $171 billion covers all his real estate properties, investments, luxury yacht, and even his expensive cars.

The order also states that it only covers the amount connected to Madoff and not the money lost or stolen. The judge further said that nothing will prevent other agencies or groups to seek recovery of additional funds.

In a statement, Madoff’s counsel, Ira Sorkin said that the US government’s demand to forfeit $177 billion was “misleading” and “grossly overstated” despite being a high-publicized case.

Last March, the 71-year-old billionaire pleaded “guilty” of the charges, saying that his investment advisory business was actually a cover up or a Ponzi scheme.

Acting US attorney Lev Dassin said that the businessman orchestrated, what he called, the largest swindle in history. Federal prosecutors are now looking for a possible 150-year jail terms for Madoff on Monday’s sentencing.

But Madoff’s lawyer said that they are just looking for a 12-year minimum prison term.

Court Orders Madoff to Hand Down $171 Billion

Madoff Faces at least 150 Years Behind Bars

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