Feds seize Madoff penthouse, wife must leave

Feds seize Madoff penthouse, wife must leave
AP
By LARRY NEUMEISTER, Associated Press Writer Larry Neumeister, Associated Press Writer – 1 hr 47 mins ago

NEW YORK – The U.S. Marshals Service on Thursday took possession of disgraced financier Bernard Madoff's $7 million Manhattan penthouse in a move that forced his wife to move elsewhere.

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 to make anyone living there move out.

Guccione said Madoff's wife Ruth had been advised in advance of the marshals' plans and was leaving the residence and 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."