Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

$199M suit spreads blame to firm's execs
By M. Morris,  Newser Staff
Posted Oct 2, 2009 3:15 PM CDT
Bernard Madoff's brother Peter Madoff attends a court hearing in Mineola (NY) State Supreme Court, April 3, 2009.   (AP Photo/ Louis Lanzano, POOL)
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(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.
(Read more Andrew Madoff stories.)