Fallen financier Bernard Madoff’s brother, sons and niece are now in legal hot water after a court-appointed trustee filed suit against them on Friday for allegedly pocketing “ill-gotten gains” they received from Madoff’s fraudulent business ventures, according to The Wall Street Journal. —KA
The Wall Street Journal:
The trustee, Irving Picard, alleged in his suit that Mr. Madoff’s brother, Peter, his sons, Andrew and Mark, and his niece, Shana, all received preferential payments or fraudulent funds stemming from Mr. Madoff’s multibillion scheme. These funds enriched the family members, allowing them to fund personal business ventures and purchase homes, boats and cars, the lawsuit says.
Mr. Picard is seeking a return of at least $198,743,299, of which some $141 million was received by the family members in the six months leading up to Mr. Madoff’s arrest on Dec. 11, 2008, the lawsuit says.