Madoff Brother Forced to Forfeit Most of Property - The Jewish Voice
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Wednesday, May 18, 2022

Madoff Brother Forced to Forfeit Most of Property

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Peter Madoff – who next month will begin his 10-year prison sentence for his role in his infamous brother’s unprecedented financial swindle – has been forced by authorities to forfeit the majority of property he and his wife had in their elegant Park Avenue home.

He and his wife Marion were only allowed to keep their clothes, along with a mattress and box spring, according to a report in the New York Post.

Federal officers rejected pleas by the couple to remove the bulk of their personal property from their freshly sold $4.6 million lodging. “They wanted to take furniture, silverware and glasses — but the federal marshals packed up everything,” one source told the tabloid. “They were surprised and shocked.”

Madoff had just sold the luxury two-bedroom unit and moved to a one-bedroom, $3,200-a-month home on Rector Street in Battery Park City. While the federal marshals permitted the couple to take several items with them, the items did not have significant value. All profits accrued by the sale of the multimillion-dollar apartment will be distributed among victims of the Bernard Madoff swindle.

It is not yet known if the federal authorities will sell off the items that Peter and Marion Madoff were forced to leave behind.

The 67-year-old Madoff confessed last year that he was directly involved in his brother’s multibillion-dollar swindle. He pleaded guilty to fraud — for falsifying records — in June and was sentenced in December to a decade in jail.

Before the couple left, Marion asked for permission to take “daily-use stuff” such as plates to place in her new kitchen. But the feds even impounded the most basic household items. “Only now are they starting to feel the ramifications of what happened,” a source commented.

“They are going from private planes and multiple homes to a tiny one-bedroom for Marion — and jail for Peter,” the source remarked.

In June, Madoff admitted to claiming that his wife was on the payroll for Bernard L. Madoff Securities, despite the fact that she never worked there, and to avoiding taxes. However, he insisted he never had any knowledge of the actual Ponzi scheme.

Peter worked in tandem with his brother Bernie for nearly 40 years and earned approximately $40 million from 1998 to 2008. A great deal of this income was used to support his extravagant lifestyle.

Peter and Marion bought the home at 975 Park Ave. for $4.1 million in 2004, and then renovated the high-class layout to make it even more deluxe. It now boasts a maid’s quarters, a 15-foot dining room and a fireplace. The home is located just a short walking distance from Central Park and the Metropolitan Museum of Art.

The couple originally moved out the building on December 26 and subsequently returned to retrieve certain items. A Chicago lawyer will now move into the unit.

At his sentencing last month, Peter Madoff declared that he was “deeply ashamed” and “profoundly sorry.”

US District Judge Laura Taylor Swain ruled that Madoff would not begin his prison term until February 6, thereby allowing him to attend his granddaughter’s bat mitzvah in late January.

Bernard Madoff was sentenced in 2009 to 150 years in prison for the largest Ponzi scheme in history.

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