Keyword:
Mentioned On Air >>
Parade Route
Hungerthon Items
Crib Recall
Speakeasy
AMAs 2009
ADVERTISEMENT
 
 
Text Size:   A   A   A
Marla Diamond/WCBS 880

Posted: Thursday, 02 July 2009 12:38PM

Madoff Penthouse Seized



NEW YORK (AP)  -- The U.S. Marshals Service on Thursday took possession of disgraced financier Bernard Madoff's $7 million Manhattan penthouse, an action that forced his wife to move elsewhere.

LISTEN: Marla Diamond and Irene Cornell report on the Madoff Seizure
   
U.S. Marshal Joseph Guccione said the marshals arrived at the property at noon with a court order permitting them to take custody of the apartment and cause anyone there to move out.
   
Guccione said Madoff's wife Ruth had been advised in advance of the marshals' plans and was leaving the residence, surrendering all personal property.
   
``She will be leaving,'' he said. ``Restitution for the victims is the government's top priority.''
   
Typically, the marshals service changes all locks and secures a property when it seizes a location.
   
The 71-year-old Madoff was sentenced Monday to 150 years in prison. He pleaded guilty in March to charges that his investment advisory business was a multibillion-dollar Ponzi scheme that wiped out thousands of investors and ruined charities.
   
Authorities said Madoff had carried out the fraud for at least two decades before confessing to his sons in December that his investment business was a fraud and that he had lost as much as $50 billion.
   
Last week, Ruth Madoff agreed to give up all of her possessions in return for a promise that federal prosecutors would not go after $2.5 million she can keep. The money, though, is not protected from civil legal actions that might be pursued by a court-appointed trustee liquidating Madoff's assets or by investor lawsuits.
   
Ruth Madoff broke her silence Monday when she said in a statement that her husband ``stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves.''

Copyright 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
 
 
More Top Stories
 
 
Live Traffic
Traffic:   66 Incidents
Live Camera View

Transit Alerts (CLICK ONE)
Clever Commute | NJ Transit Alerts

 
 
Weather
Chopper 880

Meadowlands Stadium Construction Update - 11/23/2009


The Giants and Jets football teams will have a new home next season. Check out these photographs of taken over the new stadium in the Meadowlands in East Rutherford, NJ by Tom Kaminski in Chopper 880 on Monday, November 23, 2009.
ADVERTISEMENT
 
 
Audio
A Look at Demi's Hip
     
Rape at Sacred Heart University
     
Revalation in Wal-Mart Stampede Death
     
NEWS TO-GO | YANKEES | MORE AUDIO >>
 
 
Video

Health & Home | NewsInfusion | CBS | AP Video

 
 
WCBS Events
 
 
Marketplace
Featured Businesses
Joseph L. Grosso, PC
Law firm with a personal touch.
 
 
Half Off NY
Dining Deals
Spa Deals
ADVERTISEMENT