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Madoff Lawyers File an Appeal for his Release

HeadlineMar 16, 2009

Attorneys for Bernard Madoff have filed an appeal to challenge a judge’s decision to keep the former chairman of NASDAQ in jail until his sentencing in June. On Thursday, Madoff pleaded guilty to running the biggest Ponzi scheme in history, defrauding investors of $64 billion. He faces up to 150 years in prison. Meanwhile, newly released court documents show Madoff and his wife had a net worth of over $800 million at the end of last year. Their assets included homes in Manhattan, Palm Beach and the French Riviera, a $7 million yacht, a $2 million fishing boat and $2.6 million in jewelry. Madoff’s wife is trying to keep nearly $70 million worth of assets, including a penthouse Manhattan apartment, claiming her money has nothing to do with her husband’s scheme.

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