Bernard MadoffDespite predictions to the contrary, no members of arch-fraudster Bernard Madoff’s family have been criminally charged in connection with his $65 billion Ponzi scheme. But that isn’t keeping the court-appointed trustee in the case from going after their alleged share of Madoff’s ill-gotten gains, even if it means “bankrupting them.”

Irving Picard and his deputy, David Sheehan, said they would sue Madoff’s two sons, brother and niece this week in a "60 Minutes" interview yesterday.

“Whether or not they have a criminal problem, we will pursue them as far as we can pursue them,” Picard said. “And if that leads to bankrupting them, then that’s what will happen.”

Picard and Sheehan said they will seek $198 million from the four Madoffs, sons Mark and Andrew, brother Peter and niece Shana. All four were executives with Bernard L. Madoff Investment Securities, and all of them should have known that something was amiss with the firm, Sheehan said.

In particular, Sheehan lambasted Madoff’s sons, who say they knew nothing of the fraud and who have reportedly refused to speak with their father since his arrest in December. Mark and Andrew are pursuing some $90 million that they say BLMIS owes them.

“If you were those sons and you knew today where all that money came from, wouldn’t you be embarrassed to keep that money?” Sheehan said. “They should give it all back.”

Picard has already sued Madoff’s wife, Ruth, seeking $44.8 million.

Madoff pleaded guilty to running his huge Ponzi scheme earlier this year and is serving a 150-year prison sentence.

To date, only about $1.5 billion has been recovered from the Madoff fraud, although Picard has filed lawsuits totaling about $15 billion. Of course, it’s not clear exactly how much was lost in the fraud, despite the oft-repeated $65 billion figure. Estimates range from there to as low as $13 billion, while Sheehan said he thinks it’s more like $36 billion.

“About $18 of it went out before the collapse, and $18 of it is missing,” he said. “And that $18 billion is what we’re trying to get back.”

Asked by "60 Minutes" if they think there is more money from the fraud still hidden, the trustee made clear he does.

“We assume it’s millions and millions of dollars,” Picard said.

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