Bernard Madoff Ordered To Turn Over $170 BILLION-Ruth Madoff Ordered To Turn Over 80 MILLION In Property

Bernard Madoff Ordered To Turn Over $170 BILLION-Ruth Madoff Ordered To Turn Over 80 MILLION In Property…this is one marriage where the two involved, were made for each other.

If Ruth Madoff had any salt in her, she would return all of her husbands ill begotten monies and all proceeds from it. Fat chance…

Accused and after having plead guilty to lying, cheating and stealing, financier Bernard Madoff has been ordered to forfeit over $170 billion, prosecutors stated Friday, June 26th, 2009.

U.S. District Judge Denny Chin entered a preliminary order of forfeiture Friday, according to Acting U.S. Attorney Lev Dassin. The order forces Madoff to give up his interests in all property, including real estate, investments, cars and boats.

They should put him out on the streets with only one penny…not two because then he would have two cents to rub up against each other.

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. What a den of (alleged) thieves the state of NY has stumbled into.

Also on the same day, the government also settled claims against Madoff’s wife, Ruth. Under the arrangement, the government obtained Ruth Madoff’s interest in all property, including more than $80 million of property to which she had previously claimed was hers. Perhaps a gift from Bernie? HA!

Hey Feds…don’t forget to get her jewelry.

The order makes it clear that nothing precludes other departments or entities from seeking to recover additional funds. The government is out for blood…Bernie’s and Ruth’s blood and I am sure that all of the people that trusted him with their monies are glad of it.

The agreements strip the Madoff’s of all their interest in properties belonging to them, including homes in Manhattan, Montauk, and Palm Beach, Fla. Get this Baby Boomers…it is a total worth of nearly $22 million. The Madoff’s must also forfeit all insured or salable personal property contained in the homes.

Other seized assets include accounts at Cohmad Securities Corp., valued at almost $50 million, and at Wachovia Bank, valued at just over $13 million, and tens of millions of dollars in loans extended by Madoff to family, employees and friends. Well, it seems there was a world of people making and taking money from the Madoff’s. Everyone but the actual investors.

Bernard Madoff Ordered To Turn Over $170 BILLION-Ruth Madoff Ordered To Turn Over 80 MILLION In Property and the judge’s order issued Friday, also authorized the U.S. Marshals Service to sell the Manhattan co-op, properties in Montauk and Palm Beach and certain cars and boats.

Madoff, 71, is due to be sentenced Monday, June 29th, 2009, after pleading guilty in March of 2009, to charges that his exclusive investment advisory business was actually a complicated and huge Ponzi scheme.

Federal prosecutors want Madoff to be sentenced to 150 years in prison for orchestrating perhaps the largest financial swindle in history. But, get this…Madoffs’ lawyer has stated his client should serve only 12 years. When pigs fly…

“The sheer scale of the fraud calls for severe punishment,” the prosecutors wrote in response to a defense motion seeking lighter punishment.

…and you wonder why I post so many lawyer jokes?

“Federal sentencing guidelines allow for the 150 year term,” prosecutors stated. “Any lesser sentence,” they continued, “should still be long enough to send a forceful message and assure that Madoff will remain in prison for life.”

The government’s papers quoted directly from letters to U.S. District Judge Denny Chin written by victims of the Madoff scheme who are suffering severe financial hardships.

Madoff “ruined lives,” one letter said. “He deserves no mercy.”

Bernard Madoff Ordered To Turn Over $170 BILLION-Ruth Madoff Ordered To Turn Over 80 MILLION In Property and at the time of Madoff’s arrest, fictitious account statements showed thousands of clients had $65 billion. But after investigating and clearing through the lies and transfers of money and stocks, the Feds stated, “he never traded securities, and instead used money from new investors to pay returns to existing clients.” Oh what a web we weave when we want to deceive…

Prosecutors stated Friday, June 26th, 2009, that “the total losses, which span decades, haven’t been calculated. But 1,341 accounts opened since December 1995 alone suffered loses of $13.2 billion.”

Maddoffs’ slimy attorney, Sorkin argued in court papers last week for a 12 year term. He stated his client deserved credit for his voluntary surrender, full acceptance of responsibility and meaningful cooperation efforts. Hey Madoff…too little too late you big (alleged) swindler.

“We seek neither mercy nor sympathy,” Sorkin wrote. But he urged the judge to “set aside the emotion and hysteria attendant to this case” as he determines the sentence.

My personal opinion on that…if that is the case, he will get the 150 years and his wife will get the 12 years for being knowledgeable about her husbands actions. I don’t know about the rest of you out there, but I can not imagine 170+80=250 BILLION dollars sitting in my living room and not knowing where it came from. Actually, coming from a lower middle class family, it is hard for me to imagine 250 BILLION dollars. How about you Baby Boomers? How many hungry people do you think 250 billion dollars would feed or save from starvation?

I read somewhere where Ruth Maddoff had to take the subway somewhere…well, it didn’t break my heart. She should be pushing a shopping cart around with her worldly goods in it. Then she will know what it feels like to have everything that you worked so hard for taken from you by some sum-bag, in a blink of an eye.

Bernard Madoff Ordered To Turn Over $170 BILLION-Ruth Madoff Ordered To Turn Over 80 MILLION In Property, but is it enough? For the full story, go to CNN News.