Saturday, 22 October 2016
Last updated 10 hours ago
Apr 1 2009 | 2:10am ET
For the first time, convicted Ponzi schemer Bernard Madoff’s sons, have been slapped with an asset freeze.
A Connecticut judge issued the order on Monday at the request of the Town of Fairfield, which is suing Madoff and three Madoff feeder hedge funds it lost money with. The wide-ranging asset freeze covers not only Andrew and Mark Madoff, who worked at Bernard L. Madoff Investment Securities, but also five executives at the feeder funds: Fairfield Greenwich Group’s Walter Noel, Andres Piedrahita and Jeffrey Tucker, Maxam Capital’s Sandra Manzke, and Tremont Group Holdings’ Robert Schulman.
Connecticut Superior Court Judge Arthur Hiller’s decision means all of Madoff’s immediate family has had their assets frozen. Madoff pleaded guilty to defrauding investors of more than $50 billion last month, and is in jail awaiting sentencing.
There will be a hearing on April 13 to determine whether Hiller’s order will be extended. Until then, the seven people covered by it will be permitted to meet their living expenses, but are barred from selling their homes or moving money around, Reuters reports.