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Madoff's Sons Targeted By Feds, Ruth Madoff Heads South
By
Jen Chung
Published Mar 17, 2009
Modified Mar 17, 2009
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By
Jen Chung
Published Mar 17, 2009
Modified Mar 17, 2009
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Finally: The Daily News reports that prosecutors are looking to seize assets related to Bernard Madoff's sons. Apparently the jailed financier loaned his sons multimillion amounts: "Andrew Madoff [pictured], 42, could be on the hook for $9.5 million - half of that loaned just months before his father's arrest. Mark Madoff, 44, is listed as owing $22 million." Both sons were senior executives at their father's "investment firm," which ended up just taking billions from clients and not investing the money anywhere; the sons were also the ones who turned Madoff into the feds when their father confessed he was just running a Ponzi scheme. The feds also want $2.6 million worth of Madoff's wife's jewelry plus 35 sets of watches and cufflinks that belong to Madoff. As for Ruth Madoff, she declared her $9.4 million Palm Beach residence her primary home, perhaps a way to shield it from creditors.
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Andrew Madoff
Bernard Madoff
fraud
Mark Madoff
ponzi scheme
Ruth Madoff
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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