Madoff gives up rights to business

Bernard Madoff has agreed to give up the rights to his disgraced investment business and his company's prized artwork and entertainment tickets.

The trustee overseeing the liquidation of alleged self-confessed fraudster Madoff's business said the former money manager was surrendering ownership rights to his business, Bernard L Madoff Investment Securities, along with the company's artwork and entertainment tickets.

The trustee, Irving Picard, did not specify the value of the property or say what kinds of tickets and artwork Madoff possessed.

The ultimate goal is to put some of Madoff's remaining assets in the hands of investors who lost their life savings amid the pyramid scheme scandal, and there are growing signs that some of them could see relief in coming weeks.

Former Nasdaq stock exchange chief Madoff, 70, has been under house arrest at his Manhattan penthouse as the US government investigates how he carried out a fraud he said totalled about US$50bn (€40m).

His court appearances in the weeks after his arrest generated huge attention amid an uproar over his release on bail.

On Monday, a judge said in court papers Madoff and his lawyers were claiming that his $7m (€5.6m) Manhattan penthouse and an additional $61.9m (€49.4m) in assets could be kept from investors because they were in the name of his wife Ruth and are not connected to any alleged fraud.

But Stephen Weiss, a lawyer who represents about 100 investors, including one with more than $100m (€79.85m) in assets, said investors would not stand for the Madoffs keeping millions.

"Bernie Madoff has no shortage of chutzpah to suggest as he does that his wife was not the beneficiary of his fraud. It is not only senseless, but offensive," he said.

"Moreover, it's been widely reported that she served as his bookkeeper for a number of years. If true, not only is she civilly culpable, but criminally as well."

Ruth Madoff has not been charged in connection with the fraud case.