Results tagged “andrewmadoff”

The trustee in charge of liquidating Ponzi schemer Bernard Madoff's assets, filed a lawsuit against Madoff's two sons, brother and his brother's daughter for $199 million in ill-gotten gains from the multi-billion dollar fraud. Irving Picard said the relatives used money from Bernard L. Madoff Investment Securities like a "a family piggy bank."

Irving Picard, the trustee who is liquidating whatever can be found of Ponzi king Bernard Madoff's fortune for in order to repay his thousands of victims, says that he's going to sue Madoff's two sons, Mark and Andrew, as well as his brother Peter and niece Shana, noting that they made $150 million over the years. All four were employed at Madoff's firm and Picard said he'll sue them for negligence and breach of fiduciary duty, "Whether or not they have a criminal problem we will pursue them as far as we can pursue them and if that leads to bankrupting them, then that's what will happen."

A new Vanity Fair article says that disgraced financier Bernard Madoff's sons haven't spoken to their father or mother since Madoff confessed to running a multibillion dollar Ponzi scheme last December. When Andrew and Mark Madoff were told, VF writer David Margolick says, "Mark was angry and Andrew was on the [kitchen] floor, sobbing." Opinion is divided on whether the sons knew of the scheme; one former employee said, "They wouldn’t have been able to do what Bernie did: they just didn’t have the evilness in them," but admits other associates might feel differently. Margolick adds, "Mark is said to be obsessed with the scandal, huddled over his computer, hyper-scrutinizing every story and blog posting, and, when it suits him, answering e-mail instantaneously, but that Andrew has completely shut down." However, a friend now says Andrew is focused on making sure his daughters feel loved—"just because their grandfather turns out to be one of the worst criminals ever doesn’t mean they’re bad people." As for not contacting Ruth Madoff, the sons allegedly don't think she was involved, but know she'd take Bernie's side.

Finally: The Daily News reports that prosecutors are looking to seize assets related to Bernard Madoff's sons. Apparently the jailed financier loaned his sons multimillion amounts: "Andrew Madoff [pictured], 42, could be on the hook for $9.5 million - half of that loaned just months before his father's arrest. Mark Madoff, 44, is listed as owing $22 million." Both sons were senior executives at their father's "investment firm," which ended up just taking billions from clients and not investing the money anywhere; the sons were also the ones who turned Madoff into the feds when their father confessed he was just running a Ponzi scheme. The feds also want $2.6 million worth of Madoff's wife's jewelry plus 35 sets of watches and cufflinks that belong to Madoff. As for Ruth Madoff, she declared her $9.4 million Palm Beach residence her primary home, perhaps a way to shield it from creditors.