We stole $14,000 sculpture to teach you lesson

After money manager Bernie Madoff is arrested, thieves steal statue and return it with a warning
January 04, 2009





CALL it a criminally audacious way of telling someone he owes investors US$50 billion ($73b) - steal his US$10,000 copper sculpture from his garden and return a few days later with a warning.



That's the crime a group of thieves known as 'The Educators' committed in Palm Beach, Florida, against disgraced investment guru Bernie Madoff.

And they hope the Wall Street money manager has learnt his lesson.

CBS Affiliate WPEC reports that the US$10,000 copper sculpture of two lifeguards turned up Wednesday along a bicycle path.

A worker found the statue near the country club Madoff belonged to, just a few blocks from Madoff's Palm Beach home.

A note attached read: 'Bernie the Swindler, Lesson: Return stolen property to rightful owners. Signed by - The Educators.'

When told of the scolding missive, one woman told WPEC: 'New Year's is about messages, right?'

The statue was reported missing on 22 Dec about a week after he was arrested on charges he dodged investors out of more than US$50b. His clients included major banks, charities and retirees.

The statue, which did not appear to be damaged, now sits in the evidence room of the Palm Beach Police Department.
--PICTURES: AP


Meanwhile, AP reported the disgraced money manager gave the Securities and Exchange Commission (SEC) a list of his personal assets on Wednesday, but investors may have to wait to learn whether the filing contained any clues as to the whereabouts of their missing billions.

Madoff, now under house arrest, had faced a court-ordered deadline of 31 Dec to turn over a detailed accounting of his homes, stock holdings, bank accounts and other business interests.

The list was also supposed to include the names and locations of any bank or brokerage accounts holding whatever remains of his clients' money.

The SEC confirmed Wednesday evening that it had received the filing, but it declined to reveal details or make the documents available to journalists.

The list was not filed publicly in any of the courts handling the Madoff case, and SEC spokesmen said no decision had been made as to whether part or all of the asset disclosure would ultimately be made public.

Madoff's attorney, Ira Sorkin, said his client was abiding by the court order, but the attorney would not comment further.

Any Madoff assets disclosed in the filing or unearthed by investigators could eventually be tapped to make restitution to victims.

Madoff's personal wealth is said to be substantial. He had mansions in the Hamptons and Palm Beach, a penthouse in Manhattan and a handful of luxury yachts. His firm operated proprietary stock trading desks in New York and London that were supposedly investing the family's vast fortune.

Still, those assets would likely cover only a fraction of the billions of dollars investors entrusted to Madoff.

Law firms representing Madoff's clients said they were nonetheless still eager to see what might be available to repay victims.

'Like everyone else, we expect it to be made public,' said attorney Matthew Gluck.

Several disgruntled investors have already filed lawsuits against either Madoff or the hedge funds that fed his business.

Madoff, 70, a former Nasdaq stock market chairman, is accused of running a scheme that paid fictitious returns to certain investors out of the principal received from others. Madoff remains under house arrest in his apartment in New York as part of an earlier bail agreement.