The aptly named superyacht owned by the fraudster Bernie Madoff has been arrested in France
French authorities on the Cote d’Azur have chained up the $7 million yacht at a marina in Cap d’Antibes, that belonged to the self-confessed fraudster Bernie Madoff.
And the name of the boat? No hint of a lie… it’s called BULL
Madoff, 70, is in jail in New York awaiting sentencing after he pleaded guilty to swindling billions from investors in what could be the biggest scam in Wall Street history. He faces up to 150 years behind bars.
According to the Associated Press , bailiffs threw a heavy chain around the boat’s propeller on Friday after a court granted the reqest by French investment firm Meeschaert, one of the many former investors in one of Madoff’s funds that is now suing to get some of its clients’ money back.
In a statement Sunday, Meeschaert chairman Cedric Meeschaert said the firm “decided to act fast, so that the boat wouldn’t leave French waters.”
A warning posted by the bailiffs on the boat reads: “Important: Do not turn on the motors, considering that the propellers are chained.”
It cautions that “major judicial problems” will result if anyone attempts to remove the boat.