Judge keeps Madoff assets secure for forfeiture

The US government says it plans to liquidate the assets to benefit investors.

By
April 21, 2009 09:33
Judge keeps Madoff assets secure for forfeiture

madoff faces media 248.88. (photo credit: AP)

 
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A federal judge has signed an order preventing Bernard Madoff's assets from being moved as a result of investors' efforts to force him into personal bankruptcy. Judge Denny Chin signed the order Monday, saying there was probable cause the assets should be forfeited to the US government. The government says it plans to liquidate the assets to benefit investors. Madoff has pleaded guilty to fraud charges, admitting he swindled thousands of investors of billions of dollars. He faces up to 150 years in prison at a June sentencing. Some investors decided to force Madoff into personal bankruptcy, saying it was necessary to preserve assets. The government has opposed it.

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