U.S. seeks to seize assets of Madoff's wife and sons

Last update - 23:58 17/03/2009

By Reuters

The wife and sons of Wall Street swindler Bernard Madoff will be asked to forfeit tens of millions of dollars in unsecured loans, jewelry, watches and interest in 20 entities, U.S. prosecutors said in court papers on Tuesday.

The filing follows another government "notice of intent to seek forfeiture" of certain assets linked to Madoff, who pleaded guilty on March 12 in a dramatic admission in court to running one of the biggest frauds in Wall Street history.

Following his plea, he was immediately led off to jail in handcuffs to the delight of his seething victims.

U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age.

Madoff spoke softly but firmly to the judge as he pleaded guilty to 11 charges in his first public comments about his crimes since the scandal broke in early December.

"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he said.

"As the years went by, I realized my risk and this day would inevitably come. I cannot adequately express how sorry I am for my crimes."

Prosecutors say the disgraced financier, who has spent three months under house arrest in his $7 million Manhattan penthouse, could face a maximum term of 150 years in prison at sentencing June 16.