Most Money From Madoff's Sons' Estates Will Go to Victims

Estates reach $23M deal with government
By Evann Gastaldo,  Newser Staff
Posted Jun 28, 2017 11:16 AM CDT
Most Money From Madoff's Sons' Estates Will Go to Victims
In this undated photograph provided by the Security Traders Association of New York, Mark Madoff is shown.   (AP Photo/Security Traders Association of New York, Kimberly Unger)

Victims of Bernie Madoff's Ponzi scheme will divvy up $23 million from the estates of his two sons. The estates of Mark Madoff, who killed himself in 2010, and Andrew Madoff, who died of cancer in 2014, reached a deal with the US government—eight years in the making—to transfer nearly all cash, business entities, and business interests to funds for Madoff's victims, the Boston Globe reports. Mark Madoff's family will be left with $1.75 million, Andrew Madoff's with $2 million. Irving Picard, the bankruptcy trustee assigned to the Madoff case, has so far recovered $11.6 billion of the $17.5 billion in principal that Madoff's victims lost when his scheme fell apart, Reuters reports. (More Bernie Madoff stories.)

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