Bernie Madoff Trustee Eyes Assets of Brother and Two Sons

September 2, 2009

(ChattahBox)— According to CBS News, the court-appointed trustee for the Bernie Madoff Ponzi scheme case, plans to sue Madoff’s two sons and brother to recover about $50 million to reimburse the victims of Madoff’s financial swindle. Trustee Irving Picard will soon file civil suits against Mark and Andrew Madoff, who ran the firm’s trading division and Madoff’s brother who served as the chief compliance officer.

Picard is seeking to uncover assets that were improperly diverted from the Ponzi schemer to the sons, including loans worth about $30 million made from Bernie to his sons.

Bankruptcy attorney John Kinzey said, “He’s trying to get money back for the benefit of creditors from people who weren’t entitled to receive it.”

Picard is particularly interested in a Nantucket Island mansion purchased by Mark Madoff and his wife for six and a half million dollars in cash.

The island getaway was bought with money directly transferred in June 2008, from a bank account belonging to Bernie Madoff Investment Securities.


Comments

2 Responses to “Bernie Madoff Trustee Eyes Assets of Brother and Two Sons”

  1. VIC CEREN on September 2nd, 2009 4:43 pm

    i get a kick out of champagne and all the people that are kicking Bernie. I wish that one day i would have leaned over my locker after swim practice and tapped Bernie on the shoulder that one day he would be put away for everr.

    and now they are going after his sons because the are in the light and the SEC is in the dark and allowed this to happen. Their excuse for sleeping at the wheel. “Our agents were unexperienced.” Try getting away saying that if a major airline states that because one of there planes went down in mid manhattan!

  2. sarah glen on September 2nd, 2009 8:15 pm

    Are they taking into account that a lot of these people would have lost money in the stock market anyway and so their losses aren’t as great as they seem?

    The stock market crashed and many lost their money that had nothing to do with this man.

Got something to say? **Please Note** - Comments may be edited for clarity or obscenity, and all comments are published at the discretion of ChattahBox.com - Comments are the opinions of the individuals leaving them, and not of ChattahBox.com or its partners. - Please do not spam or submit comments that use copyright materials, hearsay or are based on reports where the supposed fact or quote is not a matter of public knowledge are also not permitted.