Bernard Madoff’s brother, sons, and a nieces used the family business like a “piggy bank,” a court-appointed trustee says, according to the Washington Post. The trustee is suing the family to return almost $200 million that he says fueled their lavish lifestyles at the expense of investors. 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. Shana D. Madoff, Bernard Madoff’s niece and Peter Madoff’s daughter was also sued. Bernard Madoff is currently serving a 150-year sentence for masterminding the multibillion-dollar Ponzi scheme. The lawsuit said the defendants at least should have seen signs of irregularity and fraud at the company “but either failed to make sufficient inquiry or knew of the fraud, ignored it, and profited from it.”
Madoff Trustee Sues Madoff Family for $200M
Irving Picard, a Madoff trustee, is suing the Madoff family for nearly $200 million.
October 5, 2009