Wednesday, 1 April 2015
Last updated 1 hour ago
Oct 5 2009 | 2:18am ET
The court-appointed trustee in the Bernard Madoff case made good on his threat Friday, suing four of the arch-fraudster’s family members for nearly $200 million.
Madoff’s business was “operated as if it were the family piggy bank,” Irving Picard said in his $198.7 million lawsuit against Madoff’s brother, sons and niece. The trustee said the four Madoffs withdrew some $141 million in fraudulent proceeds of Madoff’s $65 billion Ponzi scheme from Bernard L. Madoff Investment Securities in the six years before his arrest in December, and at least $58 million over the last two years.
Madoff’s brother, Peter, his sons, Andrew and Mark, and Peter’s daughter, Shana, all worked at the Madoff firm, “yet the family members were completely derelict in these duties and responsibilities,” Picard alleged.
“As a result, they either failed to detect or failed to stop the fraud, thereby enabling and facilitating the Ponzi scheme,” he added. “Simply put, if the family members had been doing their jobs—honestly and faithfully—the Madoff Ponzi scheme might never have succeeded, or continued for so long.”
According to Picard, the four used their ill-gotten gains to pay for their personal business ventures and other personal expenses, including their homes, cars and boats, as well as to pay off their (presumably large) credit-card bills.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…