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THURSDAY, NOVEMBER 26, 2009
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Madoff's $100K AmEx Bills Point to Rampant Abuse

Investors' money kept family living luxe

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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.

Former financier Bernard Madoff exits federal court in Manhattan, March 10, 2009.
Former financier Bernard Madoff exits federal court in Manhattan, March 10, 2009.   (AP Photo)
Ruth Madoff is escorted by private security as she leaves the Metropolitan Correctional Center after visiting her husband, disgraced financier Bernard Madoff, April 6, 2009 in New York.
Ruth Madoff is escorted by private security as she leaves the Metropolitan Correctional Center after visiting her husband, disgraced financier Bernard Madoff, April 6, 2009 in New York.   (AP Photo)
In this March 10, 2009, file photo, Bernard Madoff exits Manhattan federal court.
In this March 10, 2009, file photo, Bernard Madoff exits Manhattan federal court.   (AP Photo)
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Observer
May 7, 09 1:00 PM CDT
Live large Bernie and friends and may your cellmates be large Haitian HIV-positive dominant lovers. Reply
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Clambelly
Sep 16, 09 8:09 PM CDT
Why are Peter, Mark, Andrew and Shana still out on the street? I just don't "get" this country. If you steal enough, they leave you alone. If you're a petty thief, you may as well kiss your ass goodbye. Reply
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