It's Bye Bye Bulls For Madoff

by Deidre Woollard (RSS feed)
Apr 2nd 2009 at 2:44AM

It was no April Fool's joke for Bernie Madoff. On Wednesday Bernard Madoff's 55-foot yacht "Bull" which is docked at a marina in Fort Lauderdale, Florida, was boarded and confiscated by U.S. marshalls. Madoff is currently in jail pending sentencing in June for running his multi-billion dollar Ponzi scheme.

The yacht, a 1969 Rybovich, is valued at around $2 million and was towed while surrounded by federal law enforcement. The yacht is the medium-sized "Bull," Madoff also owns a $7 million yacht with the same name currently located in the South of France. A second boat, the "Little Bull," a 24-foot Pathfinder was also seized.

The yachts were taken to the National Liquidators salvage yard, which is under contract with the federal government. Federal investigators also swooped in on the $9 million Palm Beach mansion owned by Madoff's wife Ruth to inventory the property and change the locks.

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