Madoff's $100K AmEx Bills Point to Rampant Abuse

Investors' money kept family living luxe
By Clay Dillow,  Newser Staff
Posted May 7, 2009 10:02 AM CDT
Former financier Bernard Madoff exits federal court in Manhattan, March 10, 2009.    (AP Photo)
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(Newser) – Ponzi-schemer Bernard Madoff used investors’ money as a “personal piggy bank” to support family, as well as some staff, extravagances, ABC reports. Documents filed in New York bankruptcy court show that Ruth Madoff used the company card to purchase nearly $5,000 of clothing at Paris boutiques last January, while sons Andrew and Mark charged ski vacations to the company.

Andrew Madoff charged a $1,126.41 meal at a New York restaurant and left just a 5% tip; Mark took a $6.5 million loan from the company while buying a multimillion-dollar home. Some employees had their own platinum business American Express cards, charging up luxuries like airfare to the Bahamas. Madoff’s brother, Peter, received a $9 million loan, while $6 million went to two yachts.