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U.S. Attorney Gen. Eric Holder is speaking now to a Forum Club of the Palm Beaches lunch crowd of more than 700.
He’s detaling an Obama administration initiative against financial fraud.
Read his prepared remarks after the jump…. (more…)
Holder
Toward that end, U.S. Attorney General Eric Holder’s lunchtime speech today to the Forum Club of the Palm Beaches is expected to lay out an administration initiative to “prevent, prosecute, and punish financial fraud.”
After the massive Ponzi schemes of South Floridians Bernie Madoff and Scott Rothstein, West Palm Beach is a natural backdrop for Holder’s announcement.
Federal prosecutors may be unable to seize Bernie & Ruth Madoff’s $9 million Palm Beach mansion because the state constitution protects homesteads from a forced sale by creditors, Post reporters Sonja Isgar and Charles Elmore write today.
Ruth Madoff was turned down once for an exemption because her New York City penthouse was homesteaded in that state. After dropping the New York exemption, she applied again in September, three months before her husband’s arrest.
She was granted the Florida exemption on Jan. 12.
Investors burned by financier Bernard Madoff are incensed at the thought of her keeping the luxury home, Boca Raton attorney Guy Fronstin said.
“They’re furious about it,” said Fronstin, who said he represents 63 investors who lost a total of more than $200 million. “They are saying, ‘We are destitute and she’s still living a lavish lifestyle.””
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