Court order seeks to strip Madoff of $171 billion

Lawyer Blogs

Bernard Madoff would be stripped of all his possessions under a $171 billion forfeiture order handed down only days before prosecutors seek to put the disgraced financier away in prison for the rest of his life.

U.S. District Judge Denny Chin entered the preliminary order Friday, ruling that Madoff must give up his interests in all property, including real estate, investments, cars and boats.

The forfeiture represents the total amount that could be connected to Madoff's fraud, not the amount stolen or lost, and the order made clear that nothing prevents other departments or entities from seeking to recover additional funds.

A call to Madoff's lawyer, Ira Sorkin, after hours Friday was not immediately returned. In a court filing in March, Sorkin said the government's forfeiture demand of $177 billion was "grossly overstated — and misleading — even for a case of this magnitude."

The 71-year-old Madoff pleaded guilty in March to charges that his exclusive investment advisory business was actually a massive Ponzi scheme. Federal prosecutors say Madoff orchestrated perhaps the largest financial swindle in history.

Acting U.S. Attorney Lev Dassin, who released a copy of the order Friday night, plans to seek a 150-year prison term at Madoff's sentencing Monday. Sorkin has argued in court papers for a 12-year term.

According to Friday's order, the government also settled claims against Madoff's wife. Under the arrangement, the government obtained Ruth Madoff's interest in all property, including more than $80 million-worth that she had claimed was hers, prosecutors said. The order left her $2.5 million in assets.

Related listings

  • Court: AG must go to court to probe nat'l banks

    Court: AG must go to court to probe nat'l banks

    Lawyer Blogs 06/29/2009

    The Supreme Court says state attorneys general can't issue their own subpoenas in investigations against national banks. However, the high court in a decision on Monday said that an attorney general can get a court to issue subpoenas in an investigat...

  • Legal, insurance fees mounting for Metro

    Legal, insurance fees mounting for Metro

    Lawyer Blogs 06/26/2009

    The deadly Metro crash that killed nine people and injured more than 70 is already having a financial effect on the transit system, with legal fees and insurance premiums mounting. The first of what is expected to be many lawsuits was filed two days ...

  • Supremacist blogger accused of threatening judges

    Supremacist blogger accused of threatening judges

    Lawyer Blogs 06/25/2009

    A white supremacist blogger was arrested at his New Jersey home Wednesday and charged with threatening to assault or murder three Chicago-based judges who refused to overturn local ordinances banning handguns. Hal Turner, 47, a former Internet radio ...

New York Commercial Litigation Law Firm - Woods Lonergan PLLC

Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.

Business News

New York & New Jersey Family Law Matters We represent our clients in all types of proceedings that include termination of parental rights. >> read