"..Pay the Piper time...", NYC style.
Federal Marshals Arrive at Bernard Madoff’s Apartment (Update1)
By David Glovin and Erik Larson
July 2 (Bloomberg) -- U.S. marshals have arrived at Bernard Madoff’s $7 million Manhattan apartment, according to a spokesman for the agency, following a judge’s order that the Upper East Side residence be seized.
“Marshals are at the residence,” agency spokesman William Dundon said today in an interview, declining further comment. U.S. District Judge Denny Chin last week authorized the government to seize the penthouse apartment. Dundon said the marshals will be issuing a statement later today detailing why they are at the East 64th Street location. A crowd of reporters and onlookers has formed in front of the building’s entrance.
Madoff was sentenced earlier this week to 150 years in prison for masterminding the largest U.S. Ponzi scheme ever. Prosecutors said Madoff, 71, told clients they had as much as $65 billion invested with him. The government has so far documented losses of about $13 billion.
The money manager’s home is one of several he owned with his wife Ruth before the scheme was exposed Dec. 11. Other residences are in Palm Beach, Florida, and Montauk, New York, on the eastern end of Long Island. Madoff has agreed to forfeit those as well.
Madoff spent three months under home confinement in the apartment, between his arrest and his March 12 guilty plea. Since then, he’s been held at a federal lockup in lower Manhattan. His lawyers have requested that he serve his prison term at a federal correctional facility in Otisville, New York, 80 miles northwest of New York City.
The case is U.S. v. Madoff, 09-cr-00213, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporters on this story: David Glovin in New York federal court at dglovin@bloomberg.net; Erik Larson in New York at elarson4@bloomberg.net
Last Updated: July 2, 2009 13:02 EDT
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