Jailed financiers yachts seized

9:18 PM Wed 1 Apr 2009 GMT

'A US Marshall supervising the seizure of the US$2.2 million Rybovich owned by jailed financier Bernie Madoff. No details were released on the second and smaller vessel seized.' Sun-Sentinel

A report in the South Florida Sun-Sentinel and additional reports from Associated Press has revealed US Marshals have seized two vessels belonging to jailed and disgraced financier Bernie Madoff.

Two vessels were re-possessed from two different marinas in Fort Lauderdale, according to the reports.

The larger of the two, a 55-foot (16.76-metres) Rybovich built in1969 has been valued at US$2.2 million. It had been berthed at Fort Lauderdale's Roscioli Yachting Centre for the past 12-years, according to the marina's owner, Bob Roscioli.

He said the vessel had recently undergone extensive repairs, including a complete paint job and repairs to its keel and that the total cost, about US$130,000, had been paid in full about one month prior to Madoff's financial woes.

The financier was indicted on fraud charges involving a failed US$65 billion investment scheme.

Roscioli said he had been 'expecting' the seizure. 'I knew it would happen, it was just a matter of time,' he said.

A spokesman for the US Marshal's office, Barry Golden, said the office had received the seizure warrant from the US District Court on March 23. A Fort Lauderdale company, National Liquidators, the largest boat recovery and auction company in the US, has taken possession of the boats pending further orders from the court.

Madoff is in custody and awaiting sentencing after pleading guilty to charges that he swindled billions of dollars from investors in what may result in the largest fraud in Wall Street history. He faces a sentence of up to 150 years behind bars! Court documents have revealed Madoff and his wife had US$823 million in assets at the end of 2008.

by Bob Wonders

Newsfeed supplied by

#News #Sailing

Sailing

VHF Radio on the Water: Channels and Calls

Sailing

Overnight at Anchor: Setting Up Right

Sailing

Heaving To: Park the Boat in a Blow

Sailing

The Figure-8: Return to a Person Overboard

Sailing

Heave-To: Sailing's Emergency Pause Button

Sailing

Read the Wind: Judge Its Force Without a Gauge

Sailing

The Beaufort Scale: How We Learned to Rank Wind

Nearby
East Fremantle, WA	Calm
Melville Water, WA	4 kn NNW
Swanbourne, WA	2 kn NNW	16°
Jandakot, WA	Calm	11°
Perth Airport, WA	3 kn NE	12°
Garden Island, WA	9 kn W	17°
Windiest in Australia
Maatsuyker Island, TAS	23 kn NNW	11°
Most Windless in Australia
Perth (Coastal), WA	Calm	13°
Hottest in Australia
Darwin, NT	3 kn NW	30°
Coldest in Australia
Wandering, WA	5 kn NW	6°
Wettest in Australia
Hughenden Airport, QLD	44.4 mm

Jailed financiers yachts seized

Reefing Early: Shorten Sail Before You Must

Reefing: Read the Signs, Act Early

Reefing Early: Shorten Sail Before It's Too Late

Live Weather

Nearby

Windiest in Australia

Most Windless in Australia

Hottest in Australia

Coldest in Australia

Wettest in Australia

Sailing Articles

Buy & Sell

Lahui Kai Team Race 3 X Carbon

Starboard Phantom 299

2026 Kt Surfing Solus Apex Pulse Atom Atlas Fuselage

2023 JP Australia Pro Edition Ultimate Wave Thruster & Qua

2023 Duotone Neo

2018 Goya Banzai Pro

Windsurfer Lt School Edition

Know before you go

Download the Seabreeze app for iOS or Android.

Weather

Activities

About

Other

Support