Madoff Sons May Pay for His Sins

Madoff Sons May Pay for His Sins - 9/1/2009

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2009 News and Press Releases

SEARCH

News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

Madoff Sons May Pay for His Sins, Trustee Seeking Millions from Madoff Sons and Brother on Behalf of Jailed Swindler's Victims
Staff Writer

CBS News. September 1, 2009
_________________________________________________________________________

EXCERPT: CBS News has learned the court-appointed trustee overseeing the Madoff case is ready to up the ante on behalf of victims. Trustee Irving Picard is poised to file civil complaints against Madoff's two sons Mark and Andrew - who ran their father's trading division - and Peter Madoff, Bernie's brother and company's chief compliance officer, reports CBS News chief investigative correspondent Armen Keteyian. One source says Picard will seek in excess of $50 million - including at least $30 million in loans to the sons. He is not accusing them of wrongdoing; instead his goal is to recapture money diverted from Bernie Madoff's massive Ponzi scheme. "He's trying to get money back for the benefit of creditors from people who weren't entitled to receive it," said bankruptcy attorney John Kinzey. Other sources say Picard intends to force the Madoffs to reveal all their assets - everything from bank accounts to fancy homes, including one on Nantucket Island bought by Mark Madoff and his wife for six and a half million dollars in cash. It was bought with money directly transferred, CBS News has been told, in June of 2008 from the bank account of Bernie Madoff Investment Securities. We wanted to ask Mark Madoff about the potential civil lawsuit. We caught up with him and his wife on the streets of New York where his wife took exception to our question. Mark Madoff would only say "no comment" before scrambling away. In a statement, a lawyer for the brothers said they had no knowledge of the fraud, are the ones who turned their father in, and continue to cooperate fully with authorities.

Back to News page | Back to Archived News 2009 page | Back to Top

�