Last Wednesday, as the local Fort Lauderdale, Florida, press noted, it was not an April Fool’s joke when Mr Madoff's 55ft yacht Bull was boarded and confiscated by US Marshalls.

The yacht, a 1969 Rybovich, is valued at around $2m and was towed away while surrounded by federal law enforcement.

Another boat, a 24ft Pathfinder named Little Bull was also seized in Florida and both boats were taken to the National Liquidators salvage yard.

Federal investigators also swooped in on the $9m Palm Beach mansion owned by Madoff's wife Ruth to inventory the property and change the locks.

Mr Madoff also owned a $7m yacht with the same name located in the South of France, but ITN news reported today (Monday) that it had been seized. According to the ITN website, the 27m boat was impounded in the port of Antibes following legal action by Paris investors trying to recoup cash for customers who lost money in Madoff's £35bn Wall Street scam.

And a £1m mansion in Cap d'Antibes on the French Riviera – also belonging to Madoff's wife Ruth - may also be seized.

Bernie Madoff is currently in jail pending sentencing in June for running his multi-billion dollar Ponzi scheme, better known as a pyramid selling operation over here.

Source: Boating Business