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Court deal strips Madoff wealth

27 June 09 04:25 GMT

A US court has stripped disgraced financier Bernard Madoff and his wife of their wealth.

Madoff forfeited rights to assets totalling $170bn (£103bn) - the figure prosecutors said passed through his investment firm over the years.

His wife Ruth agreed to forfeit $80m in assets - including property - but was left with $2.5m in cash.

In March Madoff, 71, pleaded guilty to masterminding a $50bn investment fraud and will be sentenced on Monday.

He has asked for a 12-year term, but prosecutors say they are seeking one of 150 years.

Court papers said the figure of $150bn represents the total amount of money that could be connected to the fraud.

Losses identified as fraud currently exceeded $13bn, prosecutors said.

The $80m forfeited by Ruth Madoff - who is not facing charges - includes the couple's Manhattan home, another also in New York and a house in Florida.

Bernard Madoff has admitted defrauding thousands of investors in a Ponzi scheme he said had been running since the early 1990s.

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