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THURSDAY, NOVEMBER 26, 2009
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France Will Battle US for Madoff Chateau

Rival prosecutors preparing to grab Riviera pad

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(Newser) – A legal tug-of-war is getting underway over the Madoffs' Riviera chateau, reports the New York Post. Bernard and Ruth Madoff's $1 million French pad is among the assets US federal prosecutors want the couple to forfeit to help reimburse scammed investors, but French authorities—who have opened a criminal inquiry into French losses in Madoff's Ponzi scheme—are also preparing to seize the mansion.

The main entrance to the vacation home owned by Ruth Madoff in Antibes, southeastern France.
The main entrance to the vacation home owned by Ruth Madoff in Antibes, southeastern France.   (AP Photo/Lionel Cironneau)
"Bull," center, a $7 million yacht owned by Ruth Madoff, is moored in the Port of Gallice along Antibes harbor in southeastern France.   (AP Photo/Lionel Cironneau)
Bernard Madoff exits Manhattan federal court in New York earlier this month. Madoff is in prison awaiting sentencing.
Bernard Madoff exits Manhattan federal court in New York earlier this month. Madoff is in prison awaiting sentencing.   (AP Photo/Louis Lanzano)
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Things are moving very quickly in this arena. We're told the French are going to grab the chateau. - David Sheehan, a lawyer involved in liquidating Madoff's corporate assets

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France • Ponzi scheme • French Riviera • asset forfeiture • Bernard Madoff • Ruth Madoff

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