Mansion sold to wife for $150 (Leman Brothers CEO Fuld's)

[FarCenter]

NEW YORK - FALLEN Lehman Brothers Chief Executive Richard Fuld sold his US$13.3 million (S$20 million) mansion to his wife for jus $100 last November, according to Florida real estate records.

The 62-year old executive, who could face civil lawsuits after overseeing the storied investment bank's collapse into Chapter 11 proceedings last September, transferred ownership of the 3.3 acres seaside home to Kathleen Fuld on Nov 10, records show.

The couple had jointly bought the home for $13.75 million in March 2004, as first reported by Cityfile.com.

<snip>

http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_330775.html

[Vickers]

1. Probably a title/deed transfer, not an actual sale. n/t

[FarCenter]

4. But sheltering their ill-gotten gains, nonetheless

[Vickers]

6. Agreed, but the story would be more accurate (and damning) if the

actual logistics of the action were reported and used as the headline.

[sarcasmo]

2. Greedy fuckers know how to get over.

[joeunderdog]

11. I believe she will owe taxes on the appraised amount.

The IRS doesn't like this kind of transaction if it goes unreported. It was a gift and those rules apply.

Also, it was done with foreknowledge of the bankruptcy, it could be seen as an illegal transfer.

[mrreowwr_kittty]

3. *self delete* It's not a gift if it's between spouses

But it's community property, isn't it?

[hughee99]

5. If only he was this concerned with OTHER PEOPLE'S MONEY...

he wouldn't have had to do this.

[Greyhound]

7. Usually, the first thing they do is move to Florida. n/t

[davidinalameda]

8. hmmmm

I think that a court might have grounds for invalidating this sale if it can prove that this was done to defraud his creditors

[flvegan]

9. Here's the deed. It's true.

I also checked the taxes, and it's not homesteaded so creditors *could* go after it.

http://clerk-web.martin.fl.us/wb_or1/details.asp?doc_id=1718248&file_num=2119653&doc_status=V

$205k in taxes each year.

No mortgage on it either. Owns it free and clear.

Fucker.

[grassfed]

10. Madoff mailed "gifts" of pricey jewelry to wife and family worth millions

NEW YORK — The packages that Bernard Madoff mailed to family and friends while out on bail since his Dec. 11 arrest for allegedly conducting a massive securities fraud contained a lot more than cuff links and mittens, according to court documents released Wednesday.
Prosecutors seeking to have Madoff jailed said he violated his bail terms by mailing five packages to family and friends. They contained at least 15 watches, including two diamond Tiffany and Cartier watches, a diamond necklace, four diamond brooches and other jewelry.

Prosecutors said one package contained items worth at least $1 million.

Assistant U.S. Attorney Mark Litt said Madoff's $10 million bail should be revoked because he disobeyed a court order freezing his assets. The prosecutor also said Madoff poses a danger to the community by potentially causing additional economic harm to his victims, who may try to recover some of their losses from his assets. "The need for detention in this case is clear," Litt said.

http://www.usatoday.com/money/markets/2009-01-07-madoff-diamonds_N.htm

[Selatius]

12. He's simply shielding his assets from pissed off shareholders who got burned royally.

Somehow, I don't think it will save him in the end.

[Control-Z]

13. I'm just so god damned tired of the greedy fucking wealthy.

That's all.

[bluesmail]

14. Don't we have LAWS preventing this kind of a scam??

Un effing believeable. They have manufactured an unknown amount of laws/legislation so they can do (steal) any thing, any where, of any amount, knowing there will not be consequences. Good Lord how long has this behavior been going on?