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MONDAY, NOVEMBER 23, 2009
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7

Trustee Set to Gouge Madoff's Sons, Brother

May ask for $50M of clients' cash back

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(Newser) – They're not accused of being in on the fix, but that's not stopping the court-appointed trustee of Bernard Madoff from going after the swindler’s sons and brother, CBS News reports. Trustee Irving Picard will file civil complaints against Mark, Andrew, and Peter Madoff and seek up to $50 million in a bid to regain money diverted from the Ponzi scheme, including at least $30 million in loans to the sons.

At least one son’s $6.5 million Nantucket property was allegedly bought with money transferred from Bernie Madoff Investment Securities' bank account, CBS notes.

Peter Madoff, brother of Bernard Madoff, exits Mineola State Supreme Court, Friday, April 3, 2009, in New York.
Peter Madoff, brother of Bernard Madoff, exits Mineola State Supreme Court, Friday, April 3, 2009, in New York.   (AP Photo/ Louis Lanzano)
A round dining table is shown in the house of Bernard Madoff in Montauk, N.Y., Friday, Aug. 28, 2009. A court-appointed trustee is liquidating Madoff's assets.
A round dining table is shown in the house of Bernard Madoff in Montauk, N.Y., Friday, Aug. 28, 2009. A court-appointed trustee is liquidating Madoff's assets.   (AP Photo/Robert Mecea)
In this March 10, 2009 file photo, Bernard Madoff exits Manhattan federal court in New York.
In this March 10, 2009 file photo, Bernard Madoff exits Manhattan federal court in New York.   (AP Photo/David Karp, File)
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He's trying to get money back for the benefit of creditors from people who weren't entitled to receive it. - bankruptcy attorney John Kinzey

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7 comments
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Doctor_Zaius
Sep 2, 09 7:56 AM CDT
Good, they had to know what was going on. Bernie just took the fall to protect them. Reply
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+7
IN RESPONSE:
DJM420
Sep 2, 09 8:33 AM CDT
clearly, knowing he'd die soon in prison...to friggen hell with this whole family
Vote up! Vote down!
+5
DanB
Sep 2, 09 9:06 AM CDT
Get ALL of the MONEY....NOW!! Reply
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+2
bewilderbeast
Sep 2, 09 9:30 AM CDT
Nail him AND ALL who he benefited. Even if it was a charity (never mind family), his money was STOLEN. Get it back. Give it back to the charities he stole FROM. And BTW, there are other Madoffs out there - Why are they not being prosecuted? Reply
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+3
IN RESPONSE:
wwwonderer
Sep 2, 09 1:15 PM CDT
Great sentiments. My feeling is we only hear about Madoff because the sum was in the multi-billions. What about the 'small-time' swindler who only took, say $300 million. You know there are tons of them out there. Now stop them before they GET to the multi-billions.
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