Stock Market Investing - Bernie Madoff's Assets Seized

Stock Market News

Bernie Madoff 's assets have been seized by US marshals in the US. Among the Madoff assets seized are an $11 million Palm Beach mansion a $2 million yacht.

Nearly 7,000 clients have already filed claims against Madoff and his wife Ruth, estimated at $826 million. Thousands more are expected.

Five marshals arrived at the five-bedroom mansion late on Wednesday afternoon to take control of the site and make an inventory.

The property was purchased for $3.8 million in the name of Ruth Madoff 15 years ago, a few hours earlier, marshals took the 55ft yacht called "Bull" and a 24ft motor boat from marinas in Florida.

"This boat was extremely well kept, extremely clean. Engine compartment was spotless. It looked like somebody scrubbed it every day."

Madoff is in jail in New York, awaiting sentencing.

Prosecutors want to seize all Madoff's assets and those of his wife -including a $7 million Manhattan penthouse, a $1 million home in Cap d' Antibes, France and a $3 million property on Long Island. They are also looking to seize $10 million in furnishings for all the homes and cars.

Defence attorneys may try to rescue the Manhattan apartment and $62 million in securities, for Mrs Madoff, much to the anger of ex-investors, many of whom have lost their life savings.