Federal Judge Freezes Assets of Fallen Financier Bernard Madoff, Including Art, Cars and Jewelry
Friday, December 19, 2008
AP
Dec. 17, 2008: Bernard Madoff, chairman of Madoff Investment Securities, returns to his Manhattan apartment after making a court appearance.
Dec. 17, 2008: Bernard Madoff, chairman of Madoff Investment Securities, returns to his Manhattan apartment after making a court appearance.
NEW YORK — A federal judge has extended an order that freezes the assets of money manager Bernard Madoff in his massive fraud case.
Judge Louis Stanton signed an order late Thursday approving agreements by the 70-year-old Madoff to surrender control of his assets. As a result, a hearing scheduled for Friday was canceled.
The order also puts control of all of his artwork, property, cars, jewelry and other items in the hands of a court-appointed receiver.
A temporary order was signed last week, but the new order was necessary to extend the protection of any remaining assets in a private investment business run by Madoff.
Authorities say Madoff confessed to squandering $50 billion from his investors.
