Prosecutors find more Madoff assets, including $30 million in loans to sons
The public's been screaming that prosecutors should try to recover assets from Madoff's relatives, including his sons. While his sons have not been charged with any crimes, prosecutors told a judge Tuesday that they want to seize jewelry, business interests and more than $30 million dollars that Bernard Madoff and his wife loaned to their sons, according to the Associated Press.
This move was made in one of two motions filed yesterday. The second motion stated that Madoff should remain behind bars before sentencing, since he has a strong motive to flee. Assistant U.S. Attorney Lisa Baroni told the AP that Madoff, "managed to perpetrate an enormous fraud, over the course of decades; his ingenuity should not be underestimated." Federal prosecutors moved to freeze Ruth Madoff's assets earlier this week.
Essentially, the government is pursuing the fruits of the fraud, without stating that Madoff's sons committed fraud themselves. The total amount of loans Bernard Madoff and his wife made is $22 million in loans to Mark and $9.55 million in loans to Andrew. The majority of these loans were made in 2005, when Mark got $16 million and Andrew got $5 million. The include an Oct. 6 promissory note for $4.3 million to Andrew, as well as a $250,000 with a Sept. 21 note.