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Finally: Madoff's Sons, Brother, Niece Sued For $199 Million
By
Jen Chung
Published Oct 2, 2009
Modified Oct 2, 2009
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By
Jen Chung
Published Oct 2, 2009
Modified Oct 2, 2009
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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."
The lawsuit doesn't accuse sons Andrew and Mark Madoff (co-directors of trading), brother Peter Madoff (chief compliance officer) and niece Shana Madoff (Peter's daughter and compliance counsel) of participating in the scheme; the NY Times reports, "Rather, the trustee’s complaint describes the relatives as 'completely derelict' in carrying out their professional duties at the federally regulated brokerage firm," with the complaint saying, "Simply put, if the family members had been doing their jobs — honestly and faithfully — the Madoff Ponzi scheme might never have succeeded, or continued for so long."
According to ABC News, "Peter Madoff is alleged to have benefited by a total of more than $60,000,000. Mark Madoff is accused of improperly receiving $66,859,000. The figure for Andrew Madoff is put at $60,644,000. Shana Madoff is accused of improperly receiving $10,600,000."
Tagged
Andrew Madoff
Bernard Madoff
lawsuit
Mark Madoff
peter madoff
ponzi scheme
relatives
shana madoff
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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