Saturday, 1 November 2014
Last updated 15 hours ago
Jul 30 2010 | 1:57pm ET
It’s been a busy week for Irving Picard. The court-appointed trustee charged with recouping assets for the victims of the Bernard Madoff Ponzi scheme first announced plans to sue as many as 1,000 investors with the arch-fraudster. Now, he’s taking aim—once again—at the imprisoned Madoff’s family.
Picard filed lawsuits against three Madoff family entities, a family fund, an oil and gas properties business and a trading business, seeking $30 million that the family had invested in them. The only problem, according to Picard, is that they invested in them with money that wasn’t theirs.
The lawsuit names Madoff Energy Holdings, Conglomerate Gas Resources, Madoff Technologies, Madoff Brokerage & Trading Technology, Primex Holding and Madoff Family, all of which, Picard said, were controlled by Madoff kin. He wants more than $22 million from the technology companies, more than $5 million from the energy companies and $3 million from the Madoff Family fund, which invests in a hedge fund and a biotechnology company.
The move follows a $199 million lawsuit Picard filed in October against Madoff’s brother, Peter, his sons, Andrew and Mark, and Peter’s daughter, Shana, all of whom worked for Bernard L. Madoff Investment Securities and treated it “as if it were the family piggy bank,” Picard alleged.
The latest lawsuit adds Madoff’s wife, Ruth, to the list of kin with whom Madoff was “quite generous” with other peoples’ money.
Madoff’s sons have denied the allegations.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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