Results tagged “shanamadoff”

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."

The Bernard Madoff scandal has so shaken up his niece, who worked as a compliance office for the "investing" firm, that she has—according to Post sources—"contacted a consultant who teaches white-collar criminals how to survive in federal prison and secure early release." Shana Madoff, 38, once featured in New York magazine as a clotheshorse, may be the female Madoff relative who is taking Larry Levine's "Fedtime 101 crash course." Levine, who served time for counterfeiting securities, tells the Post, "I give people a wakeup call," and his website says he offers tips on things like "Dealing With Gang Members," "Defusing A Confrontation," and "Prison Slang & Lingo." Meanwhile, wife-of-Bernie Ruth (pictured) was banned from the Pierre Michel hair salon because other customers are victims of the wide-reaching, multi-billion-dollar Ponzi scheme, so a rep explained, "Therefore Pierre Michel didn't feel comfortable having her in the salon."