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| US marshals seize Madoff's yacht | US marshals seize Madoff's yacht |
| (about 3 hours later) | |
| Marshals in Florida have seized a luxury yacht and a smaller boat belonging to disgraced US financier Bernard Madoff. | Marshals in Florida have seized a luxury yacht and a smaller boat belonging to disgraced US financier Bernard Madoff. |
| The 55-foot (17m) yacht, named Bull, and a motor boat were taken from two different marinas in the US state. | The 55-foot (17m) yacht, named Bull, and a motor boat were taken from two different marinas in the US state. |
| Last month, Madoff, 70, pleaded guilty to all 11 charges that he masterminded a $50bn (£35bn) investment fraud. | Last month, Madoff, 70, pleaded guilty to all 11 charges that he masterminded a $50bn (£35bn) investment fraud. |
| Separately, US financial regulators accused a major feeder fund of lying to clients about the risks they faced. | |
| The regulators in Massachusetts brought civil fraud charges against the Fairfield Greenwich Group, saying company officials had been coached by Madoff on how to answer questions by federal investigators about his investment practices. | |
| Bernard Madoff could be sentenced to up to 150 years in prison | Bernard Madoff could be sentenced to up to 150 years in prison |
| Fairfield Greenwich - which had reportedly invested some $7bn (£5bn) with the disgraced financier - denied the allegations, saying it would "vigorously" contest them. | |
| Last month, Madoff was remanded to prison until his sentencing in June. He could be jailed for up to 150 years. | |
| Madoff has said he acted alone in masterminding the Ponzi scheme, whereby early investors were paid off with the money injected by new clients. | Madoff has said he acted alone in masterminding the Ponzi scheme, whereby early investors were paid off with the money injected by new clients. |
| A former chairman of the Nasdaq stock market, Madoff had been a player on Wall Street for more than 40 years. | A former chairman of the Nasdaq stock market, Madoff had been a player on Wall Street for more than 40 years. |
| While Madoff said the scheme only started in the early 1990s, prosecutors say it began in the 1980s. | While Madoff said the scheme only started in the early 1990s, prosecutors say it began in the 1980s. |