Found Madoff Assets Reach $1 Billion Mark: Lawyer - Financials * US * News * Story

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Found Madoff Assets Reach $1 Billion Mark: Lawyer

Topics:Corporate Fraud | Crime | Bernard Madoff

Sectors:Financial Services

By: AP | 23 Mar 2009 | 05:21 PM ET

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A lawyer for the trustee seeking to locate disgraced financier Bernard Madoff's assets for investors says more than $1 billion has been found.

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Attorney David Sheehan says $75 million located in an account in Gibraltar raises the amount being pursued past the $1 billion mark.

Sheehan spoke after a civil court hearing Monday in which the trustee was seeking the power of attorney over Madoff's international operation.

Madoff was sent to prison nearly two weeks ago after he pleaded guilty to charges that he ripped off thousands of investors for billions of dollars. He faces up to 150 years in prison at his sentencing, set for June 16.

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