Bernard Madoff's Sons Latest Targets of Feds' Efforts to Seize Ill-gotten Loot
BY Thomas Zambito and Tracy Connor
DAILY NEWS STAFF WRITERS
The feds are going after the wallets of Bernie Madoff's sons.
In a court filing Tuesday, prosecutors listed some assets they want to seize now that the Ponzi schemer has pleaded guilty.
Among the items are a series of loans Madoff made to his sons, Andrew and Mark, senior executives at his fraudulent firm.
Andrew Madoff, 42, could be on the hook for $9.5 million - half loaned just months before his father's arrest. Mark Madoff, 44, is listed as owing $22 million.
The sons, both fly-fishermen, might have expected their father would not collect the debts when they came due in 2010 - but Uncle Sam is a different matter.
In addition, the government said it should get $2.6 million worth of jewelry owned by Madoff's wife, Ruth, and 35 sets of watches and cuff links that belonged to Bernie.
He won't need those in federal prison, where he's expected to spend the rest of his life after admitting last week he bilked investors out of $65 billion.
The feds are also going after the Madoffs' stake in Sterling Equity Partners, an affiliate of the parent company of the New York Mets, whose owner Fred Wilpon was a client of Madoff. His firm reportedly lost hundreds of millions of dollars in the scam.
Wilpon spokesman Richard Auletta said Ruth Madoff and Bernie's brother Peter Madoff had money in real estate funds and some venture capital investments and that any forfeiture would have "no material impact."
Prosecutors are also eying the Madoffs' interests in several other companies: P.J. Clarke's on the Hudson at the World Financial Center; the LaGuardia Corporate Center Association in Queens, run by real estate developer and Madoff friend Edward Blumenfeld; and Hoboken Radiology in New Jersey.
Prosecutors also urged an appeals court to keep Madoff locked up until his June 16 sentencing, saying he's a flight risk.
"Madoff has a well-established history of lying to advance his interests," Assistant U.S. Attorney Lisa Baroni wrote. A hearing on Madoff's petition to be freed until then is set for tomorrow.
Reader Comments
And then...
Sung to American the Beautiful
O beautiful for spacious skies
We gave the rest away
Our jobs and our security
They even took our pay
The jobs have all gone overseas
They work for almost free
And when you check the bottom line
There's none for you or me
Our politicians are on the take
Will sell their souls for cash
But then again, life is too short
So why not have a bash
Our children's futures are long gone
Our C E Os get rich
For average people to live good
It simply is a bitch
We let them in the borders now
So they can pick the crop
No mater what we try to do
The rich won't let it stop
Oh Mexico and India
To name just a small few
You need to take it all away
And give us that ol screw.
Brazil and Argentina too
We hope you're living good
We gave ya all we had to give
It's only fair you should
May God see how screwed up thing are
The only chance we have
It's not to long before the the strong
are living like the sad
Stand tall and proud
And watch the rich
Rape this country like a whore
Before too long and soon I'm sure
There'll simply be NO more !!!
fraud fot all
I have been following this report on the madoffs and I am sick to my stomach that the whole family could do this to many many people and look them straight in the eye while doing so. While they live like kings and queens and have the best of everything and left some people pennyless. Theese people have alot more that I do and some do not. I too am a victom of someone commiting fraud to me, not on the scale of this, but never the less 300,000 is still alot of money.This money was part of insurance that was left to me from my late husbands estate that was to be used to help me fiancially. These fraudulent people have no feelings and no soul, they just keep taking and do not look back. I hope Madoff gets what he deserves and his wife is not far behind. I would like nothing better than to see her in a jail cell without all her frills. These people no morels, just GREED
What About Taxes
Did Madoff pay income taxes? I would think an audit would uncover underpayment that could set the IRS on the case.
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