Madoff's Boats Seized
The unraveling continues as prosecutors begin to freeze Madoff’s assets and a Massachusetts hedge fund, a major feeder fund for Bernie, is charged with fraud.
Well, it's not like Bernie Madoff was going to be using his 55-foot yacht or 24-foot motorboat anyway. U.S. Marshals have seized the two boats, beginning the process of reimbursing all the thousands of investors Bernie swindled in what is likely the biggest Wall Street scandal ever. The two boats were docked in Florida. The yacht was an antique named "Bull" that is valued at $2.2 million. A spokesman for the U.S. Marshals told the Associated Press, "A lot of money was put into maintaining this boat. ... It looked like somebody took a bottle of 409 and scrubbed it every day." The boats are only the beginning, as prosecutors are attempting to seize all of Bernie's assets—estimated to be $826 million. In a separate case, according to The Wall Street Journal, Massachusetts securities regulators charged Fairfield Greenwich Group, a major feeder fund for Bernard Madoff, with fraud.
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