Skip to: Content
Skip to: Site Navigation
Skip to: Search
MONDAY, NOVEMBER 23, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


3

Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

$199M suit spreads blame to firm's execs

Share

(Newser) – The trustee in the Bernie Madoff case, delivering on his threat to sue the imprisoned fraudster's relatives and co-workers, filed a $199 million lawsuit today in bankruptcy court. Rather than alleging that they knew about Bernie's Ponzi scheme, Irving Picard's complaint takes issue with the way brother Peter, sons Mark and Andrew, and niece Shana did their jobs. It charges that they were "completely derelict" in their responsibilities to investors, the New York Times reports.

"Simply put, if the family members had been doing their jobs — honestly and faithfully — the Madoff Ponzi scheme might never have succeeded, or continued for so long," the complaint reads.

Bernard Madoff's brother Peter Madoff attends a court hearing in Mineola (NY) State Supreme Court, April 3, 2009.
Bernard Madoff's brother Peter Madoff attends a court hearing in Mineola (NY) State Supreme Court, April 3, 2009.   (AP Photo/ Louis Lanzano, POOL)
FILE - In this March 12, 2009 file photo, Bernard Madoff arrives at Manhattan federal court in New York. Some victims were expected to call for harsh punishment at the disgraced financier's sentencing Monday, June 29, 2009 in federal court in Manhattan. Ten have told U.S. District Judge Denny...
FILE - In this March 12, 2009 file photo, Bernard Madoff arrives at Manhattan federal court in New York. Some victims were expected to call for harsh punishment at the disgraced financier's sentencing...   (AP Photo/ Louis Lanzano, file)
« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.23.09
Books Are Bad for You
11.20.09
The Health-Care Wars Have Just Begun
3 comments
VIEWING:
 
wwwonderer
Oct 2, 09 3:23 PM CDT
Hell. If the SEC had done their job, followed up on Markopolis' info and investigated Madoff -honestly and faithfully- then we might not need to rely on people in cahoots with the Ponzi scheme. I can't imagine them not getting a subpoena, eventually. Reply
Vote up! Vote down!
+6
IN RESPONSE:
Spudsy
Oct 2, 09 5:54 PM CDT
They need to go after the kids money.
Vote up! Vote down!
+1
Guzelvis
Oct 2, 09 4:58 PM CDT
Bernie's wife makes impassioned plea for his early release. Funny details @ http://bit.ly/Pw8Ah Reply
Vote up! Vote down!
0
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

112 Stories

TO THE BIDDER GO THE SPOILS

 Madoff Auction Nabs $1M 

Yours for only $6K—schemer's college ring

Nov 15, 09 9:27 AM CST
(Newser) - Those pining for a little piece of Ponzi-scheme history ponied up more than a million bucks yesterday for disgraced financier Bernie Madoff's stuff—more than doubling the $500,000 take expected. The proceeds from the 200-some items goes toward repaying Madoff's victims, reports the Wall Street Journal in a rundown... More »

MORE ABOUT:
auction • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities

FBI Arrests
Two More
Madoff Aides

Pair of computer programmers helped hide scheme, feds say

Nov 13, 09 9:17 AM CST
(Newser) - The Bernie Madoff net widens: The FBI has arrested two computer programmers accused of helping hide the massive Ponzi scheme. Jerome O'Hara and George Perez will be in court today on various fraud charges, including falsifying books. They are the third and fourth people arrested in addition to Madoff, who... More »

MORE ABOUT:
Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Jerome O'Hara • George Perez

Madoff Accountant Pleads Guilty, Faces 114 Years

But denies knowing about Ponzi scheme

Nov 3, 09 12:18 PM CST
(Newser) - Bernie Madoff's accountant says he's a lousy auditor but no criminal. Still, he pleaded guilty to a slew of fraud charges today that could land him in prison for 114 years when he's sentenced in February. While admitting that he failed to conduct independent audits and took the statements of... More »

MORE ABOUT:
accountants • guilty plea • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • David Friehling

112 Stories


Crime & Courts  •  Business 
TwitterFollow @NewserCrime on Twitter

 
fraud • federal prison • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Irving Picard • Peter Madoff • Andrew Madoff • Mark Madoff • Shana Madoff

from our news partners

CinemaBlend.com