Lawyers Say Madoff’s Wife Should Keep NY Penthouse, $62M
Lawyers for Bernard Madoff say the Manhattan penthouse where he lives as well as $62 million in assets should be exempt from seizure.
The lawyers claim the assets and apartment are unrelated to fraud and they are owned by Madoff’s wife, according to the New York Times and the Associated Press. Prosecutors acknowledged the request in a footnote to a court filing yesterday, the Wall Street Journal (sub. req.) reports.
U.S. District Judge Louis Stanton did not rule on the request yesterday, but he did allow Madoff to transfer other assets to a trustee who will sell them for the benefit of customers. They include artwork, tickets to entertainment events and his stake at his brokerage firm, the Times says.
Prosecutors have accused Madoff of running a Ponzi scheme that caused $50 billion in client losses.
