Madoff Sons’ Estates Pay $23M To Settle With Ponzi Trustee
Image by Getty Images
The trustee recouping money for Bernard Madoff’s victims has reached more than $23 million of settlements with the estates of the swindler’s late sons and related defendants, ending more than eight years of litigation.
According to a Monday court filing, the settlement will strip the estates of Andrew and Mark Madoff of “all assets, cash, and other proceeds” of their father’s fraud, leaving them with a respective $2 million and $1.75 million.
The estates also agreed to withdraw roughly $99.5 million of claims against the bankruptcy estate of the former Bernard L. Madoff Investment Securities LLC, the filing shows.
Monday’s settlement resolves some the highest-profile cases remaining in trustee Irving Picard’s efforts to compensate former Madoff customers who he estimates lost $17.5 billion. He has recovered $11.6 billion, or about two-thirds of that sum.
The settlement also resolves claims against Mark Madoff’s widow, Stephanie Mack, and some entities affiliated with the Madoff family.
Madoff’s sons were never criminally charged, and had maintained they knew nothing about their father’s fraud until he confessed to them shortly before his Dec. 11, 2008 arrest.
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning journalism this Passover.
In this age of misinformation, our work is needed like never before. We report on the news that matters most to American Jews, driven by truth, not ideology.
At a time when newsrooms are closing or cutting back, the Forward has removed its paywall. That means for the first time in our 126-year history, Forward journalism is free to everyone, everywhere. With an ongoing war, rising antisemitism, and a flood of disinformation that may affect the upcoming election, we believe that free and open access to Jewish journalism is imperative.
Readers like you make it all possible. Right now, we’re in the middle of our Passover Pledge Drive and we still need 300 people to step up and make a gift to sustain our trustworthy, independent journalism.
Make a gift of any size and become a Forward member today. You’ll support our mission to tell the American Jewish story fully and fairly.
— Rachel Fishman Feddersen, Publisher and CEO
Join our mission to tell the Jewish story fully and fairly.
Only 300 more gifts needed by April 30
