3 Jul 2009

US marshals begin seizure of Madoff property

7:02 am on 3 July 2009

US Marshals have begun to seize the assets of the imprisoned Wall Street fraudster Bernard Madoff and his wife Ruth.

Madoff, 71, was sentenced on Monday to 150 years in prison for fraud.

Marshalls began their assets seizure with the Madoff's $US7 million Manhattan apartment and its contents.

Under an agreement with prosecutors, Mrs Madoff, 68, forfeits any claim to $US80 million in assets and she has been left with $US2.5 million in cash.

Madoff pleaded guilty in March to orchestrating Wall Street's biggest investment fraud.