Madoff agrees to give up property, art, tickets

NEW YORK: Bernard Madoff is giving up rights to his business, along with the company's artwork and entertainment tickets.

The agreement is in a New York court document filed on late Monday. The trustee for the liquidation of Bernard L. Madoff Investment Securities LLC asked a federal judge to let him take over the assets to benefit its customers.

A criminal complaint charges Madoff with securities fraud. He's accused of squandering more than $50 billion.

The trustee told a judge that Madoff will voluntarily give up all ownership rights to his business. He'll also give up rights to three pieces of business real estate.