Bernard Madoff and his wife claim they are entitled to keep a $7 million Manhattan apartment and an additional $62 million in assets.
Court papers filed on Monday state that Madoff and his lawyer say the Manhattan penthouse and money held in accounts of Madoff’s wife, Ruth, are not subject to seizure.
The court papers say Madoff claims the apartment and the $62 million are unrelated to a $50 billion fraud Madoff has been accused of carrying out.
The $62 million contains $45 million in municipal bonds on deposit in an account held by Ruth Madoff and $17 million in her name at Wachovia Bank.
(Source: 1010WINS)
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9 Responses
Madoff needs all that money to pay the bills from his lawyer.
this is totally absurd!!! how is he even able to say this???
moshiach is definitely close. chutzpa is certainly rising fast. he ought to have to face the wrath of all the people he swindled. how dare he think he is entitled to live in security after having ruined so many people
He may get away with this if he can show that the money came from non criminal activities. Not easy.
Interesting how for his own money he kept it all out of the stock market.
If Wachovia goes under, almost all (except for the fdic amount) would get lost I suppose. Why would he have put so much in a bank without fdic protection?
He’ll be lucky they can’t take the smirk off his face, because that and his orange jumpsuit are all he’ll be “entitled” to walk out of the room with.
What I want to know is, what job was she working that she “earned” $69M at?
Sorry, better start looking for an apartment in Jersey for $1500/month like the rest of us poor saps.
#4, Wachovia is FDIC insured, and in any even is now owned by Wells Fargo.
#4 meant that the FDIC only insures up to 250,000 to each depositor. It was recently raised from 100,000.
FDIC coverage is only for a limited amount. Hence “except the FDIC amount. If it is in a bon-interest bearing transaction account then the full amount will be covered on a temporary basis as Wachovia is a TARP participant.
Unless his wife is near death, this is a way to create an incentive for the prosecutors to throw her in jail as well.