Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Madoff's Palm Beach Estate Seized
By
Jen Chung
Published Apr 2, 2009
Modified Apr 2, 2009
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Apr 2, 2009
Modified Apr 2, 2009
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
U.S. Marshals seized the $11 million Palm Beach mansion owned by Bernard Madoff yesterday. This is the same mansion that was toilet-papered by a teen whose trust fund disappeared in the Ponzi scandal and the very same one that Ruth Madoff is trying to claim as her primary residence (yes, it can be seized). The marshals took an inventory and changed the locks, which took a long time; Marshals spokesman Barry Golden said, "There are more doors than we expected."
A Connecticut judge also "temporarily froze the assets" of Ruth Madoff, sons Mark and Andrew, and Madoff's brother, Peter Madoff, because the town of Fairfield, CT lost about $15 million it invested with funds that invested with Madoff. ABC News has details on how Madoff coached the Fairfield Greenwich Group hedge fund to talk to the SEC about Madoff's investing; Madoff told FGG Chief Risk Officer Amit Vijaygergiya, "the less you know about how we execute ... the better you are ... your position is, 'listen, Madoff has been in business for 45 years ... a well known broker. We make the assumption that he's doing everything properly.'"
Some victims are trying to force Madoff into personal bankruptcy; a lawyer representing 70 victims of the swindle said, "It’s an important step to ensure that all Madoff assets are brought before the bankruptcy court to be used for victims of this massive fraud." And the Marshals also seized Madoff's yachts, which were in Florida, and one, called "Bull," is worth $2.2 million; Golden said, "A lot of money was put into maintaining this boat." Investors, that's where your money went: For Bull's wax jobs!
Tagged
Bernard Madoff
fraud
palm beach
ponzi scheme
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Inside the luxury Greenpoint high-rise powered by a rumbling generator for over a month
The fallout from an electrical fire, among other safety and maintenance concerns, has sparked anger inside the 40-story tower known as The Greenpoint.
By
David Brand
Published Oct 12, 2026 at 6:30 a.m. ET
Mayor Mamdani orders review of NYPD use of force policies
The announcement comes as Mamdani faces mounting criticism from the left for his approach to policing.
By
Michael Sol Warren
News
Mayor Mamdani orders review of NYPD use of force policies
The announcement comes as Mamdani faces mounting criticism from the left for his approach to policing.
By
Michael Sol Warren
Company that won $23M NYPD building contract was investigated by LI watchdog
By
Ben Feuerherd
Plainclothes ICE agent with long gun looked like mass shooter, Mayor Mamdani says
By
Michael Sol Warren
NJ Transit riders face 5 weeks of schedule disruptions starting Sunday
By
Giulia Heyward
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .