Jailed financiers yachts seized

9:18 PM Wed 1 Apr 2009 GMT

'A US Marshall supervising the seizure of the US$2.2 million Rybovich owned by jailed financier Bernie Madoff. No details were released on the second and smaller vessel seized.' Sun-Sentinel

A report in the South Florida Sun-Sentinel and additional reports from Associated Press has revealed US Marshals have seized two vessels belonging to jailed and disgraced financier Bernie Madoff.

Two vessels were re-possessed from two different marinas in Fort Lauderdale, according to the reports.

The larger of the two, a 55-foot (16.76-metres) Rybovich built in1969 has been valued at US$2.2 million. It had been berthed at Fort Lauderdale's Roscioli Yachting Centre for the past 12-years, according to the marina's owner, Bob Roscioli.

He said the vessel had recently undergone extensive repairs, including a complete paint job and repairs to its keel and that the total cost, about US$130,000, had been paid in full about one month prior to Madoff's financial woes.

The financier was indicted on fraud charges involving a failed US$65 billion investment scheme.

Roscioli said he had been 'expecting' the seizure. 'I knew it would happen, it was just a matter of time,' he said.

A spokesman for the US Marshal's office, Barry Golden, said the office had received the seizure warrant from the US District Court on March 23. A Fort Lauderdale company, National Liquidators, the largest boat recovery and auction company in the US, has taken possession of the boats pending further orders from the court.

Madoff is in custody and awaiting sentencing after pleading guilty to charges that he swindled billions of dollars from investors in what may result in the largest fraud in Wall Street history. He faces a sentence of up to 150 years behind bars! Court documents have revealed Madoff and his wife had US$823 million in assets at the end of 2008.

by Bob Wonders

Newsfeed supplied by

#News #Sailing

Jailed financiers yachts seized

Sports/News

Weather Forecasts & Live Reports

Buy & Sell/Classifieds