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11 December 2023

Bernard Madoff seeks to keep Manhattan penthouse and $62 million in bonds and cash

Bernard L. Madoff, the accused mastermind of a $50 billion Ponzi scheme, leaves Federal Court in New York. (AP)

Bernard Madoff and his wife claim they are entitled to keep a $7 million Manhattan apartment and an additional $62 million in assets.

Court papers filed Monday state that Madoff and his lawyer say the Manhattan penthouse and money held in accounts of Madoff’s wife, Ruth, are not subject to seizure. The court papers say Madoff claims the apartment and the $62 million are unrelated to a $50 billion fraud Madoff has been accused of carrying out.

The $62 million includes $45 million in municipal bonds on deposit in an account held by Ruth Madoff and $17 million in her name at Wachovia Bank.

Madoff has been confined to the apartment under house arrest as the government investigates how he allegedly carried out the sweeping fraud.