Judge Signs Order Freezing Madoff Assets

By The Associated Press
Published: December 19, 2008

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NEW YORK --

A federal judge has extended an order that freezes the assets of money manager Bernard Madoff in his massive fraud case.

Judge Louis Stanton signed an order late Thursday approving agreements by the 70-year-old Madoff to surrender control of his assets. As a result, a hearing scheduled for Friday was canceled.

The order also puts control of all of his artwork, property, cars, jewelry and other items in the hands of a court-appointed receiver.

A temporary order was signed last week, but the new order was necessary to extend the protection of any remaining assets in a private investment business run by Madoff.

Authorities say Madoff confessed to squandering $50 billion from his investors.