Madoff's Yacht Seized; Home May Be Next

U.S. Marshals Take "Bull" From Fort Lauderdale Harbor, Set Sights On $9.4M Palm Beach Estate

(CBS)  U.S. Marshals seized Bernard Madoff's $1.5 million yacht from a slip in Fort Lauderdale, Fla. The 55-foot-long yacht, named "Bull" was towed while surrounded by federal law enforcement. The yacht is the sister ship of a $7 million yacht of the same name that currently sits in the South of France.

A source with knowledge of the case told CBS News that the government is in the midst of a systematic seizure of any and all property owned by the Madoff’s and further adding that "The house in Florida is next."

Additionally, a second vessel known as a Pathfinder: a 24-foot-long boat, named "Little Bull," also moored in Fort Lauderdale, was seized by federal agents

In court documents dated March 15, the government says Madoff’s property is "subject to forfeiture as a result of the offenses charged."

When questioned about today’s events Madoff’s attorney, Ira Sorkin, told CBS News the couple had "no objection" to the seizure or sale of the Florida home.

CBS News previously reported that in December 2006 Ruth Madoff applied, and was eventually granted, a so-called “homestead” exemption. Under Florida law, that could have technically kept the couple’s $9.4 million Palm Beach mansion out of the hands of creditors. Legal sources told CBS News that today’s seizure of the yacht is a clear sign the feds aren’t bound to state laws and effectively renders the home exemption moot.

The U.S. Attorney’s and U.S. Marshal’s offices declined to comment on the seizure of the yacht and any impending seizures.

Madoff is the former chairman of the NASDAQ stock exchange who was charged with operating a pyramid scheme that has been called the largest investor fraud ever.

On March 12, Madoff pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors. Federal prosecutors estimated client losses, which included fabricated gains, of nearly $65 billion.

Madoff is awaiting sentencing on June 16 and is currently incarcerated in the Metropolitan Correction Center in Manhattan. He faces life in prison, and up to $170 billion in restitution. There was no plea deal with federal prosecutors.

[captainwillard]

This old wore out "yacht" might bring 300k on today's market, nada mas. There is another yacht floating out there that the Feds have not found.

[catpack11]

Ditto jbar116, tj217, and tibu987!! I would love to know how madoff (doesn't deserve a capitol M) and his family FEEL about living the highlife on money that was STOLEN to fuel a greedy, self-indulgent, ludicrous lifesyle. Are they embarrassed? Do they feel any shame? If the family was not in on the scheme, wouldn't they WANT to return the 50 billion to the people that were swindled?
As for hamiltongrad "college professor", if I may quote Marlon Brando in the Wild One, Are you cracked?!!!!!!!

[lambor59]

This is the cheapest one they got, there are many others cost ed more 50 millions a piece

DON"T BE FOOLED AGAIN.

[cbsantispin]

GREED on Steroids! To follow up on my comments about IBM selling Linux which by it's very nature is "FREE" based on the way Linux is Licensed, many are realizing big profits and selling "FREE" Linux and making money off Linux anyway, the way companies are getting around the "FREE" Linux License is by so-called "adding value" in the form of support or extra features not available in standard "open" Linux. But this still violates the overall spirit and philosophy of Linux which is a "free open source community and user supported environment!". IBM is notorious at selling value added "FREE" Linux and making big profits and while IBM is in the "black" and doing well, corporate greed is stil the order of the day, for example IBM is laying off 5000 U.S. workers and outsourcing their jobs to India! IBM is offering some of those being laying off jjobs in India if they move to and work in India at a quarter of their current salaries! Imagine if you worked for IBM making $65,000 a year and IBM told you in order to keep your job you had to move to India and now make $17,000??? That's whats going on folks, check out this NBC Evening News Report @ http://www.msnbc.msn.com/id/3032619/#30036628 and see for your self! Pure Corporate greed at the expense of American jobs, no patriotism at all.

[tibu987]

Where is the money?
If Madoff did not actually buy the stocks he was supposed to, where is the 50 billion?
He could not have spent 50 billion and it is too much to keep in his sock, where is it?
There is a lot to this story that has yet to be told.
It will make an interesting book or movie.
Show me the cash!

[iam4honesty]

Greed brings people to scam artists like Madoff. These people lost their money because they believed they would enjoy obscene profits from their investments. Yet, we hear over and over again the right scolding homeowners who have lost their homes. Telling them they should not have tried to own a home that nice, they don't deserve a home that nice, it is their own fault.

These homeowners bought homes based on their optimistic expectations of the future, at least they weren't trying to make a fast buck.

[JoeBoo2]

RE: There has to be some compassion for people who have lost everything. Everyone in this drama are victims, even Madoff . . . .and ..his wife. . . . . . I, . . . . know that the first step for all, is take all responsibility.
~ ~ Posted by hamiltongrad @ 10:19pm

There should be much compassion now -- for the ACTUAL victims of the unbridled greed of so many that now has all of us on the brink. The fault is widespread - Democrats, Republicans, bankers, businessmen, and some consumers. But so many of them are NOT taking responsibility - from top to bottom. The real victims are the citIzens that don't live lives of excess, and only buy what they can pay for. They will be suffering along with the rest, but you won't hear most of them complain -- they will be too busy trying to provide for their family and friends - with no outside help!!

[aziridine]

Everyone in this drama are victims, even Madoff himself and certainly his wife.Posted by hamiltongrad
_______________________________________________________________

Jeezus Loueeezus....what the he11 are they smoking up there at Hamilton! Either you are the most gullible person on the face of this planet or this is a put-on to see who bites. You claim you are a Professor of "Social and World Reform"?......seems more like you might be a Professor of "Intellect well Below the Norm"!!!

Alright, I'll bite. What are you gonna tell me that Madoff is a third generation holocaust victim striking back at the world he feels has betrayed him?

I'll tell you what. You wanna help Mrs Madoff? Get an El Dorado and a big brim hat and start pimping her off at $50 a pop to cover the debit.

I can't believe you would tarnish the Hamilton name by associating a ret@rd like yourself with the school.

[hamiltongrad]

THERE HAS to be some compassion for people who have lost everything. Everyone in this drama are victims, even Madoff himself and certainly his wife. When society tells us that it is better to be rich than poor, than we all have problems . I am , as a college Professor of Social and World Reform, know that the first step for all of us, is take all responsibility. Not just one person, and not just one blame. We need to lift that burden and go on. What good will it do to punish an old man or disupt the lives of his family. We all can learn from this, It is a teaching that turns the tide of cruel capitalism toward understated love.

[Henri_Rochard]

Madoff is pretty old. No telling how long he'll live.

Did Madoff knowingly trade years of living in royalty in exchange for a few years in jail 'til he croaks?