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US Attorney Seizes Madoff’s Palm Beach Home & Three Boats

LawFuel.com – Legal Newswire
FOR IMMEDIATE RELEASE CONTACT: U.S. ATTORNEY’S OFFICE
April 2, 2009 YUSILL SCRIBNER,

LEV L. DASSIN, the Acting United States Attorney for
the Southern District of New York, announced the seizures
yesterday of a multimillion dollar waterfront home in Palm Beach,
Florida, and three vessels (the 55′ yacht Bull in Broward County,
Florida; the 38′ Sitting Bull in Montauk, New York; and a 24′
motorboat and trailer), belonging to BERNARD L. MADOFF and RUTH
MADOFF. The property was seized pursuant to seizure orders
issued in the Southern District of New York, upon application of
the United States Attorney’s Office for the Southern District of
New York. The seizures were executed by the United States
Marshals Service, which is responsible for seizing, managing, and
selling property in forfeiture actions brought by the Department
of Justice.

The United States Attorney’s Office sought the seizures
to secure, maintain, and ultimately sell these MADOFF assets to
maximize recovery for victims in connection with criminal
forfeiture proceedings against MADOFF. Criminal forfeiture is a
mandatory element of MADOFF’s sentence, which is presently
scheduled for June 16, 2009. The United States Attorney’s
Office will ask that property forfeited in the criminal case
against MADOFF be sold and used to compensate victims.
Mr. DASSIN thanked the USMS for its ongoing assistance
in the forfeiture proceedings. Mr. DASSIN also thanked the
Federal Bureau of Investigation, the Securities and Exchange
Commission, and the Securities Investor Protection Act Trustee
for their assistance.

Assistant United States Attorneys BARBARA A. WARD and SHARON
FRASE of the Asset Forfeiture Unit, together with Assistant
United States Attorneys MARC LITT, LISA A. BARONI, and WILLIAM J.
STELLMACH, are in charge of the prosecution.
09-079 ###

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