US marshals seize Madoff property

Rogue US financier's Florida mansion and yachts seized as asset hunt continues.

    Madoff faces life in prison for perpetrating
    massive financial fraud [AFP]

    'Feeder fund' charged

    The news comes as the authorities in the US state of Massachusetts filed civil fraud charges against a "feeder fund" known as Fairfield Greenwich Group which was linked to Madoff.

    William Galvin, the Massachusetts secretary of state, said in the civil complaint that there was a "profound disparity" between the due diligence checks Fairfield told clients it was making on Madoff and those actually made.

    Galvin did not say how many Massachusetts residents were affected or how much money had been lost.

    He is asking that Fairfield Greenwich return the fees that investors paid and the money they invested, as well as pay an administrative fine.

    However Fairfield Greenwich said in a statement the allegations were false and misleading and that it planned to "vigorously" contest them.

    On Tuesday a judge in the US state of Connecticut froze the assets of Madoff's sons and five top hedge fund industry officials, including three Fairfield Greenwich executives.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    The War in October: What Happened in 1973?

    The War in October: What Happened in 1973?

    Al Jazeera examines three weeks of war from which both Arabs and Israelis claimed to emerge victorious.