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Madoff's Sons May Be Hit With Tax Evasion Charges
By
Jen Chung
Published May 1, 2010
Modified May 1, 2010
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By
Jen Chung
Published May 1, 2010
Modified May 1, 2010
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While their father serves a 140-year sentence in federal prison, Mark Madoff and Andrew Madoff have been claiming that they, too, are victims of their father's massive Ponzi scheme. But now it appears that the feds may be ready to charge them: A source told the AP that the pair, who were executives at Bernard Madoff Investment Securities, "are likely to face tax fraud charges later this year, but may escape more serious securities fraud charges if authorities fail to come up with solid evidence they knowingly participated in the massive fraud."
While the sons say they had no idea about their father's scheme (they did turn him in when he confessed to them), the trustee who is trying to dissolve Bernard Madoff's estate and give proceeds to victims claims that Mark and Andrew received over $120 million in ill-gotten gains. The Madoff sons, as well as Madoff's brother Peter (who could also faces tax fraud charges) allegedly used BMIS money like a "piggy bank," and the company's COO "allegedly never logged loans of more than $50million that helped Madoff relatives and employees buy posh homes."
The Post reminds us, "Records show cash transfers that paid for a $4.3 million Manhattan apartment for Andrew and a $6.5 million Nantucket home for Mark and his wife, Stephanie, while Peter Madoff got a $9 million loan."
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Andrew Madoff
Bernard Madoff
Mark Madoff
ponzi scheme
tax fraud
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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