Feds target ‘Ponzi’ boats

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Two well-publicized scandals involving alleged Ponzi schemes that defrauded investors out of billions of dollars have evolved into the nitty-gritty of repossessing the accused suspects’ property. Federal prosecutors are seeking from Bernard Madoff a $7 million, 76-foot yacht, a $430,000 Shelter Island Runabout, an older model 56-foot sportfisherman and a 25-foot center console.

Click here to read the Government’s Notice of Intent to Seek Forfeiture of Certain Assets.

Meanwhile, the IRS seeks to recover $227 million in unpaid taxes from investor R. Allen Stanford’s 120-foot yacht named Sea Eagle. Click here to read a Bloomberg report.