Madoff Family Members Face Lawsuits For $198M
Bernie Madoff’s sons and other Madoff family members may soon be putting their over-the-top, extravagant lifestyles on the permanent backburner. Irving Picard, the man in charge of recovering assets from their convicted father for defrauded victims, stated in a Sept. 27 episode of 60 Minutes that he plans to sue Mark and Andrew Madoff, Madoff’s brother, Peter, and a niece for nearly $200 million.
Picard and David Sheehan, chief counsel, told 60 Minutes correspondent Morley Safer that the latest lawsuits will include charges of negligence and breach of fiduciary duty. In addition, the lawsuits will allege that family members personally profited tens of millions of dollars while working at Madoff’s New York investment advisory business.
According to the 60 Minutes interview, Sheehan believes about $36 billion went into the Madoff’s scheme. “About $18 (billion) of it went out before the collapse. And $18 (billion) of it is just missing. And that $18 billion is what we’re trying to get back,” Sheehan said.
Last December, Madoff confessed to one of the biggest frauds in Wall Street history when he admitted to conducting a decades-long $65 billion Ponzi scheme. He currently is serving a 150-year prison sentence.
