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POPSMadoff Attorneys Explore Insanity Defense According to Times Online, the federal investigators believe Madoff would not have been able to pull off a fraud of such magnitude without significant international assistance. The 70-year-old financier, the former chairman of the Nasdaq stock market, is currently under house arrest in his $7 million New York City apartment.
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POPSAnother Madoff Suit Now Ezra Merkin is accused of failing to adequately research the Madoff firm before investing $2 billion with him on behalf of clients. New York's attorney general says he improperly collected $470 million of fees from investing the funds. This is similar to cases filed earlier by Massachusetts' top securities regulator, who has targeted Fairfield Greenwich Group and Cohmad Securities.
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POPSProsecutors Go After Ruth Madoff's Money The government also said Madoff and his wife should forfeit: * $10 million in furnishings for all of the homes, along with accounts in Ruth Madoff’s name that hold $17 million in cash and $45 million in securities. * Bull,” a $7 million yacht in France and its $1.5 million boat slip, and “Little Bull,” a $320,000 Montauk boat, all in Ruth Madoff’s name, as well as a $2.2 million fishing boat in Palm Beach, Fla., that is in Madoff’s name. * A 1999 Mercedes SLK convertible in Florida, a 2001 Mercedes station wagon and a 2004 Volkswagen, estimated to be worth a total of $25,000. Not mentioned in the document was $2.6 million in jewelry, although the government did say it would seek “all insured and readily salable personal property” in any of the Madoff properties.
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POPSAsset Grab Now that Bernie Madoff has pleaded guilty to a massive swindle and been packed off to prison, prosecutors are going after all his money, much of it held by his wife Ruth.
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