Feds Accused Of Mishandling Madoff Forfeitures

NEW YORK (AP) — An accountant who once worked for the U.S. Marshals Service is suing the agency, alleging that an employee of the service did a shoddy job handling forfeitures including some investments related to the fraud of jailed financier Bernard Madoff.

The lawsuit filed last month in federal court in Manhattan claimed that a man overseeing the sale of assets undervalued millions of dollars in assets, selling them without public notice or competitive bidding. A message left Monday with a spokesman from the office was not immediately returned.

The lawsuit said those assets included a share of a private equity position known as the “Delta Fund” that had belonged to Madoff’s wife, Ruth. The lawsuit said the investment was “discounted sharply below fair value” when it was sold. It sought unspecified damages.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Comments

One Comment

  1. melody says:

    did anyone ever calculate how much money bernard madoff spent on drugs and prostitutes? i also wonder if bernard madoff ever ordered someone’s murder. people with billions of dollars sometimes have people killed. i sometimes wonder if bernard madoff ever rubbed elbows with mafia bosses. did he steal any mafia money? mafia guys get mad when you steal their money. i often wonder if bernard madoff ever attended bizarre sex parties like in the movie “eyes wide shut”. people with billions often attend parties like that.

  2. The Truth says:

    The Marshall and the straw buyer are in cahoots. Happens all the time.

  3. Captain Obvious says:

    “The lawsuit said the investment was “discounted sharply below fair value” when it was sold. It sought unspecified damages.”

    Were the accountant & the buyer in “cahoots”? Was the accountant just an idiot or was there some sort of “caper”?

    Kind of like the 9/11 fund, the Madoff money is really just there for the stealing.

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