Madoff trustee sues Madoff family for almost $200M

Topics in Legal News Posted on

President BaracBernard Madoff's brother, sons and a niece used the family finance business like a "piggy bank," a court-appointed trustee charged Friday as he demanded in a lawsuit that they return almost $200 million in money to be distributed to cheated investors.

The trustee, Irving Picard, sought $198.7 million from Madoff's brother, Peter, who had worked at Madoff's Manhattan investment company since 1965, and sons, Mark and Andrew.

Also sued was Shana D. Madoff, Bernard Madoff's niece and Peter Madoff's daughter.

Lawyers for the Madoff's brother and sons did not immediately return a phone call for comment. A message for comment left at Shana Madoff's East Hampton home was not immediately returned.

Lawyers for Picard said in papers filed in U.S. Bankruptcy Court in Manhattan that Madoff's family-run business "was operated as if it were the family piggy bank."

They said each of the family members withdrew huge sums of money to fund personal business ventures and to pay for expenses ranging from multimillion dollar homes, cars and boats to monthly credit card charges for restaurants, vacations and clothing.

The lawyers said $141 million identified as fraudulent proceeds were received by the family members in the six years before Madoff surrendered and revealed his plot last December while at least $58 million was received in the last two years.

Legal News Media

Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.

 

American Bar Association – Start and Run a Law Firm

NewYorkStateBar.com – Starting a Law Firm

CPA Website Designs