Victim – Bernard Madoff Scam – You may probably get your money back – Montauk, N.Y. beach house sold
Bernard Madoff, the founder of Bernard L. Madoff Investment Securities LLC is an American Convict who has siphoned investor money to the tune of $50 billion in the largest ever ponzi scheme in Wall Street history. He was arrested on December 11, 2008, as Madoff’s sons Mark and Andrew Madoff reported him to the federal authorities for running the giant ponzi scheme, which he revealed to his sons on December 9, 2008. After Madoff’s arrest, the assets of the Madoff Family Foundation were frozen by a federal court.
Madoff is said to have admitted beginning his ponzi scheme in the early 1990s. He admitted that never made any legitimate investments with his client’s money and instead deposited the money into a business account with Chase Manhattan Bank. He is believed to have paid rich dividends to his existing clients with the money collected from new clients, by false trading activities masked by foreign transfers and false SEC filings.
In March 2009, Madoff claimed a guilty plea that he was the sole person responsible for the fraud as it was believed that his two sons, Madoff’s bother Peter, niece Shana knew about the fraud because of their personal investments in the scheme, the longevity of the fraud, and because of their corporate roles at the company, however, Madoff claimed that they were on the legitimate side of the business. Henceforth, no criminal charges have been brought against his family members.
On June 29, 2009, he was sentenced to 150 years in prison and was ordered to forfeit $170 billion in assets. According to a March 13, 2009 filing by Madoff, he and his wife were worth up to $126 million, plus an estimated $700 million for the value of his business interest in Bernard L. Madoff Investment Securities LLC. Other major assets included securities ($45 million), cash ($17 million), half-interest in BLM Air Charter ($12 million), a 2006 Leopard yacht ($7 million), jewelry ($2.6 million), Manhattan apartment ($7 million), Montauk, N.Y. home ($9 million), Palm Beach home ($11 million), Cap d’ Antibes, France property ($1 million), and furniture, household goods, and art ($9.9 million). All homes will be auctioned by the U.S. Marshall Service after Labor Day 2009.
On September 18, 2009, the U.S. Marshall Service concluded the sale deal of Madoff’s 3000 Sq. Ft., 4 bedroom, Montauk, N.Y. beach house for $9.41 million to an undisclosed buyer, which was expected to fetch $8.75 million. The sale was an important step forward, as all the proceedings will go towards repaying thousand of investors burned by his ponzi scheme.
Madoff’s Manhattan apartment and Palm Beach home have already been put up for sale and are awaiting the right buyer, the proceedings of which would also go to repaying the victims of his ugly scam.
