The last owner who regularly used the residence, Peter Madoff, had to leave unexpectedly. He was implicated in the Ponzi scheme his now-notorious older brother, Bernard Madoff, used to steal as much as $20 billion from thousands of average investors, charities, celebrities and others.
On Wednesday, the U.S. Marshals Service announced the sale of the mansion for $3.5 million. Much of the proceeds will help reimburse the fraud victims through distributions from a victims compensation fund administered by the Department of Justice.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn