Wednesday, 23 July 2014
Last updated 3 hours ago
May 31 2013 | 10:16am ET
The U.S. Marshals Service has already sold off Bernard Madoff's homes. Now, it has turned its attention to the Long Island mansion formerly occupied by his brother, Peter.
The Marshals last month listed the Old Westbury, N.Y., home for $4.495 million. It features a 600-square-foot formal living room, library, tennis court and two-bedroom pool house.
In addition, the home's contents have been cataloged and tagged; they will be sold at auction after the house itself is sold. Proceeds from both sales will go towards paying off Bernard Madoff's victims.
Peter Madoff, his brother's chief compliance officer, began a 10-year prison sentence in February. He pleaded guilty last year to aiding his brother's $65 billion Ponzi scheme, but said he had no knowledge of the fraud until it collapsed.
The Marshals have already sold Peter Madoff's primary home, a two-bedroom apartment in Manhattan, for $4.6 million. He and his wife owned the Long Island home for more than 20 years.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…