Fairfield Freezes Madoff's Assets
By KRISTIE BORGES
Updated 6:27 AM EST, Wed, Apr 1, 2009
Beleaguered Bernie’s family will not be unloading the disgraced financers assets until Fairfield gets its day in court over lost pension money.
The town of Fairfield filed a motion Monday for a temporary restraining order that prohibits Bernard Madoff, his family and business executives from selling items as the town seeks to recoup lost pension funds.
Fairfield lost $42 million in pension fund investments with Madoff when Madoff’s multibillion-dollar Ponzi scheme collapsed.
The restraining order, according to the Connecticut Post, covers real estate, personal property and financial accounts of Madoff, his relatives and executives with Fairfield Greenwich Group, Maxam Capital and other firms that allegedly fed Madoff’s fund.
A hearing was set for April 13 to consider a permanent order.
Madoff is currently behind bars his bail was revoked earlier this month as he awaits sentencing. The judge said Madoff was a flight risk because he faces 150 year in prison at a June sentencing.
A hearing was set for April 13 to consider a permanent order.
Madoff is currently behind bars his bail was revoked earlier this month as he awaits sentencing. The judge said Madoff was a flight risk because he faces 150 year in prison at a June sentencing.
Copyright Associated Press / NBC Connecticut
First Published: Mar 31, 2009 10:33 AM EST
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