USA v. Madoff, is the topic of this "Asset Search News Roundup" because it illustrates how asset forfeiture can be used to help fight money laundering and other crimes. Prosecutors specifically mentioned their asset forfeiture claims against Bernard Madoff at pages 23 – 25 of the Information they filed on March 10, 2009.
Among other things, the eleven-count Information charged Mr. Madoff with concealing assets through "international" and / or other money laundering. (Information, at Counts 5, 6 & 7). Paragraph 23 at pages 12-13 of the Information, suggested that Mr. Madoff used multiple jurisdictions and foreign bank accounts to launder monies. Paragraph 23 for instance, explained that Mr. Madoff had laundered funds between financial accounts in New York and London.
After Mr. Madoff pleaded guilty to all eleven counts in the Information, prosecutors filed their Pimentel letter (i.e. a letter setting forth their position on the application of Federal Sentencing Guidelines to Mr. Madoff’s case). See United States v. Pimentel, 932 F.2d 1029, 1034 (2d Cir. 1991). Both the Pimentel letter and Information cited the following statutes relevant to forfeiting assets: 18 U.S.C. §§981 (a) (1) (C) & 982; 21 U.S.C. § 853 (p); and 28 U.S.C. § 2461. As the "Notice of Intent To Seek Forfeiture" filed on March 15, 2009 also reveals, prosecutors are targeting assets possessed by both Mr. Madoff and his wife, Ruth.
Copyright 2009 Fred L. Abrams