Madoff Will Have to Forfeit Billions

2009-06-27 15:50:57 (GMT) (WiredPRNews.com - Business, News)

The former financier has been ordered to forfeit $170 billion.

Wired PR News – Bernard Madoff has been ordered to forfeit $170 billion by a federal judge. As reported by the Associated Press (AP), U.S. District Judge Denny Chin gave the order Friday, which will require Madoff to forfeit his interest in properties and investments. Madoff’s wife, Ruth, was also said to have lost interest in properties per a settlement arrangement.

As noted in the report, Madoff’s sentencing hearing is set for Monday. He pleaded guilty in March to charges of fraud in connection with his what has been regarded as the largest ponzi scheme in history, for which he could receive a prison sentence of up to 150 years.

Prosecutors are quoted by the AP as writing in a response to a motion by the defense regarding sentencing, “The sheer scale of the fraud calls for severe punishment.”

Photo Credit: U.S. Department of Justice