Government Seeking $170.8 Billion in Forfeiture from Madoff

By: Jack Waymire | March 10, 2009 | Illegal Schemes & Scams, Investor Information

In addition to the estimated $50 billion swindled from investors, it looks like the Government is also seeking to collect damages from Madoff Industries to the tune of $170 billion.? Expected to plead guilty to 11 criminal counts including money laundering, perjury and securities, mail and wire fraud, lawyers say he will do so without a plea deal and expects up to 150 years jail time.? I’m curious how the government plans to recoup this extra $170 billion if thus far only $1 billion has been located.

Several investors will be able to address the Court on Thursday as part of the proceedings as long as they are well behaved.? Can you imagine trying to keep your cool if you are the 90-year old investor who just went back to work as a grocery store greeter in order to make ends meet?? That will be true reality TV.

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Investor Watch Dog is a weblog designed to inform investors about hidden risks when they invest assets based on the recommendations of financial planners, financial advisors, money managers, insurance agents, and investment sales representatives. Some of Wall Street's biggest investment risks result from Ponzi Schemes, investment bubbles, conflicts of interest, bad advice in bear markets, lobbyist activities that promote industry interests, bad investment products, and anti-investor business practices. While some of these risks are worthy of front page headlines, millions of investors assets are much more frequently exposed to less newsworthy but exponentially more harmful investment scams, financial fraud, illegal investment products, bad financial advice, bad investment recommendations, misrepresentation, omission, abuse of trust, deceptive sales practices, and breach of fiduciary duties. The role of Investor Watch Dog is to shine a spotlight on legal and illegal business practices that undermine the financial interests of investors, retirees, business owners, professionals, executives, and other types of consumers who rely on Wall Street and its financial professionals for the advice and services they need to achieve their financial goals.