Trustee to Sue Madoff's Sons, Brother, Niece

He'll seek $198 million; sons may also have 'criminal problem'

By Kevin Spak, Newser Staff

Posted Sep 28, 2009 8:42 AM CDT

(Newser) – Bernie Madoff’s sons, brother, and niece will all be sued this week for $198 million, the trustee in charge of sorting out the Ponzi mess said last night. Sons Mark and Andrew Madoff in particular withdrew roughly $35 million, despite making little if any investment. “Whether or not they have a criminal problem, we will pursue them as far as we can,” Irving Picard, the trustee, told 60 Minutes.

Picard has filed 13 suits already, but so far he’s only recovered $1.5 billion of the Ponzi riches, which in his estimation total about $36 billion. “About eighteen of it went out before the collapse. And about eighteen of it is just missing. And that eighteen is what we’re trying to get back.”

[Images (2)]

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In this March 10, 2009 file photo, Bernard Madoff exits Manhattan federal court in New York. (AP Photo/David Karp, file)

In this March 22, 2009 file photo, the building in midtown Manhattan in New York where Bernard Madoff and wife Ruth own a penthouse apartment is seen in this aerial view. (AP Photo/Mark Lennihan, File)

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COMMENTS

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Showing 3 of 5 comments

Observer

Sep 28, 2009 9:38 AM CDT

Glad to see all the Madoff clan get smoked. They were all in on it and reaping the luxury lifestyle brought by huge criminality. They are no better than the shit on my shoes. Take the Mrs. and give her a nice underpass to live beneath in Queens. Let her scrounge around garbage cans for the rest of her life with her prick sons. They just didn't rob the rich - they robbed charities and foundations. The lowest of scum.

wwwonderer

Sep 28, 2009 8:38 AM CDT

NOt as long as it serves as a convenient emotional distraction from the real issues. LOOK, over there!!! The boogey man is killing Santa Clause.

divetrader

Sep 28, 2009 3:16 AM CDT

Madoff siphoned off the rich. When are we going to stop the subprime lenders from screwing over the middle and lower class???

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fraud • Ponzi scheme • Bernard Madoff • Irving Picard • Andrew Madoff • Mark Madoff

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Trustee to Sue Madoff's Sons, Brother, Niece