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.”