Madoff's sister-in-law selling Palm Beach home

By @ibtimes on

Bernard Madoff's sister-in-law, whose husband was a top executive at his firm, has put up her luxury home in Palm Beach, Florida, for sale with an asking price of $6.5 million.

The one-story, 7,373 square-foot (685 square-meter) home, which has five bedrooms, a three-car garage and a pool, belongs to Marion Madoff, the wife of Bernard Madoff's brother, Peter, the former chief compliance officer at Bernard L. Madoff Investment Securities LLC.

The sale comes as Peter Madoff and several other family members who were executives at Madoff's firm are being sued in a civil lawsuit for more than $200 million.

The lawsuit accuses them of being negligent in their duties as executives at the firm and enriching themselves with money that belonged to customers -- charges they deny.

Bernard Madoff was arrested and charged in December 2008 when his sons, according to their lawyers, reported him to authorities after he confessed to running a massive $50 billion Ponzi scheme in which early investors were paid with money invested by new clients.

Madoff is now serving a 150-year prison sentence after pleading guilty in March 2009 to orchestrating the massive scheme.

Charles Spada, a lawyer for Peter Madoff, was not immediately available for comment.

The Madoff couple bought the Palm Beach property in 2000, according to public property records. It is listed in Marion Madoff's name after a quitclaim deed transaction in 2006 removed Peter's name as a partial owner.

The property is being listed by Sotheby's International Realty.

(Additional reporting by Jonathan Stempel; Writing by Kevin Gray; Editing by Matthew Lewis)

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