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Deficiencies Found in U.S. Oversight of Seized Assets

“Significant deficiencies” in the U.S. Marshals Service’s oversight of seized property led to a “loss of confidence” among federal prosecutors in the Bernard Madoff case, according to the Justice Department’s inspector general.

The marshals’ Complex Asset Team didn’t consistently track and record how property was managed and appraised, the inspector general’s office said in a report today. The Marshals Service held more than $3.8 billion in seized assets as of March 2011, according to the report.