A New York Mansion is set to be sold after it was seized. Why? The owner acquired the mansion after perpetrating one of the largest ponzie schemes in history. The mansion will help satisfy a tiny portion of the billions owed thousands of investors cheated out of a fortune. As much as 65 billion dollars could be missing, though regulators who failed to catch on to the ponzi scheme for years estimate the loss at about 18 billion dollars.
Peter Maddoff is the brother to Bernard Maddoff of the Bernard L. Madoff Investment Securities LLC. Regulators suspect the penny stock firm created by Madoff may never have been legitimate. At the least, the company has been defrauding it's investors since the early 1990's.
Maldoff Mansion, retouched
For his role in the scheme, Peter Maddoff received a 10 year prison sentence. He pled guilty to a series of charges including falsifying documents and lying to investors. He agreed to forfeit his assets as part of the short 10 years he is scheduled to serve in prison. Bernard Maddoff received a much tougher sentence, 150 years in prison, the maximum sentence allowed.
Maldoff Mansion retouched
The U.S. Marshall's service, the agency in charge of seizing assets, is seeking the highest buck possible from the sale of the mansion located 34 Pheasant Run in Old Westbury on Long Island Sound.
Maldoff Mansion retouched
The property sports a two bedroom pool house, tennis courts, a winding lane entering the property and of course the white mansion proper. The asking price is $4.495 million. Presumably, the next buyer won't have acquired the money by bilking thousands of people out of their hard earned savings.
Maldoff Mansion retoouched
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