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Madoff Relatives Agree To Asset Freeze
By
Jen Chung
Published Feb 6, 2010
Modified Feb 6, 2010
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By
Jen Chung
Published Feb 6, 2010
Modified Feb 6, 2010
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Three months after being sued for using Bernard L. Madoff Securities Investments like a "family piggy bank," the sons, brother, and niece of Ponzi schemer Bernard Madoff have agreed to having their assets frozen—plus they agreed to disclose their finances within 30 days.
The trustee liquidating Madoff's assets said Madoff sons Andrew and Mark had taken about $127 million, while Madoff's brother Peter Madoff allegedly took over $60 million (Peter's daughter Shana is accused of taking $10 million). Examples of how they allegedly used investors' money: Trustee Irving Picard "slammed Andrew Madoff for using firm assets to pay off a $813,287 American Express bill for clothes, boat rentals and vacations" and "bashed Shana for using company funds to pay a $379,342 Amex bill for clothes, makeup and travel." Hmm—now we're reading this 2004 NY magazine article on Shana Madoff's extravagant wardrobe in a different light!
However, the four deny the accusations but agreed to the asset freeze to avoid "the potential costs and expenses of the instant dispute." BusinessWeek notes that the restriction also "prevent the Madoffs and their representatives from selling, leveraging, wasting or moving all their property that is worth more than $1,000, 'except for wearing personal clothing and jewelry in the normal course.'" In related news, Madoff's Upper East Side penthouse was purchased by Al Khan, described as the "'marketing genius' behind the Pokemon and the Cabbage Patch Kids toy crazes."
Tagged
Andrew Madoff
asset freeze
Bernard Madoff
irving picard
Mark Madoff
peter madoff
ponzi scheme
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
Gothamist is funded by sponsors and member donations
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