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$75 million of Bernard Madoff’s stolen fortune was found in Gibraltar. This brings the total to just over a billion dollars, a far cry for the $65 billion he swindled from investors.

Bernard Madoff has been sitting in jail for about two weeks after pleading guilty to stealing money from thousands of investors for nearly a quarter century.

Lawyer David Sheehan wants trustee Irving Picard to take over power of attorney for Madoff’s funds because in foreign countries it is important for someone to be overseeing funds and other assets which can be taken by the government with little to no warning.

An example given in the source article is:

Sheehan said, the trustee has been told that French authorities were planning to seize Madoff’s chateau in Cap d’ Antibe, France. The property was estimated by Madoff to be worth $1 million at the end of 2008, with $900,000 in furnishings and fine art inside it.

Sheehan said he understood that French authorities wanted to seize the property to benefit investors in France who lost money to Madoff.

Source

Jeremy

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