Madoff Yacht Chained Up In French Riviera

Wall St. Swindler's $7 Million Boat "Bull" Seized At Request Of French Investment Firm

(CBS/AP)  Another of Bernard Madoff's trophy assets has been seized, this time in the south of France.

French authorities on the Cote d'Azur have chained up his $7 million yacht "Bull" at a marina in the exclusive Mediterranean enclave of Cap d'Antibes, between Cannes and Nice.

Bailiffs threw a heavy chain around the boat's propeller on Friday after a court granted the request by French investment firm Meeschaert, one of the many former investors in one of Madoff's funds that is now suing to get some of its clients' money back.

In a statement Sunday, Meeschaert chairman Cedric Meeschaert said the firm "decided to act fast, so that the boat wouldn't leave French waters."

A warning posted by the bailiffs on the boat reads: "Important: Do not turn on the motors, considering that the propellers are chained."

It cautions that "major judicial problems" will result if anyone attempts to remove the boat.

Last week a Palm Beach mansion owned by Madoff and two of his yachts were seized in the United States.

Madoff, 70, is in jail in New York awaiting sentencing after he pleaded guilty to swindling billions from investors in what could be the biggest scam in Wall Street history. He faces up to 150 years behind bars.

Prosecutors in the United States are seizing as much as they can of Madoff's personal fortune, and have begun demanding millions of dollars in payments from his relatives. Roughly 6,700 people have filed claims for a share of whatever is recovered. Thousands more - some who lost in excess of $1 million - are expected to come forward.

Investigators are also looking into just how far Madoff's web of deception extended. According to CBS News contributor Lucinda Franks, Madoff's wife, Ruth, may have been involved in the Ponzi scheme.

“Ruth Madoff has more than one face,” Franks told CBS News correspondent Randall Pinkston. "One of my sources knew a woman who was bemoaning the fact that she couldn't get into Bernie's funds. ... Ruth told her, 'Call him. You can get into the fund.' So she called Bernie, and said, 'Ruth told me I should mention her name.' And Bernie said, 'You're in. How much do you want to invest?'"

Just weeks before her husband pleaded guilty, Ruth was hitting Palm Beach’s chic boutiques on a shopping spree with five girlfriends, according to Franks, who writes for TheDailyBeast.com.

"I don't think Ruth's worries are about money right now. Her husband salted away money all over the world in her name, and this is what investigators are trying to get back now."

[gce651]

That starred-out word is C-O-R-N-H-O-L-E!

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Chain up Bernie!
******** him in his cell and release the video to generate income!