Feds seize Madoff's Palm Beach mansion

April 2, 2009 01:38


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Federal authorities are seizing disgraced financier Bernard Madoff's Palm Beach, Florida, mansion. US Marshals spokesman Barry Golden says marshals are entering and securing the property, changing the locks and conducting an inventory. Golden says the process could take "a while." Earlier Wednesday, authorities seized an antique yacht and a smaller boat from two Florida marinas, part of an effort to recoup assets to pay back investors Madoff swindled. Golden said the 17-meter yacht named "Bull" in hatless 7.3-mete) motor boat were taken from marinas on Florida's east coast. The yacht is worth $2.2 million. Madoff is in jail pending sentencing after he pleaded guilty in what could be the biggest scam in Wall Street history. He faces up to 150 years.

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