Read More of the Same Day's Blog

CBS filed an Investigation by Armen Keteyian into Bernard Madoff, the disgraced financier, who may have run his $50bn investment fund as a Ponzi Scheme. Keteyian examined whether Madoff acted alone or whether his family suspected his operation was a scam. He focused on Florida's homestead law, which allows residents who lose lawsuits and owe judgments to exempt their homes from seizure of assets. Keteyian revealed that Madoff's sister-in-law Marion successfully applied for homestead status for her $4.6m Palm Beach mansion in 2006. Madoff's wife Ruth filed for similar protection back then for her $9.3m home, also in Palm Beach, but was rejected: "After reapplying it was granted just two weeks ago."
Andrew Tyndall 2/2/09 7:45:00 pm

© 2010 Tyndall Report