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.
A message from our Publisher & CEO Rachel Fishman Feddersen
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.
We’ve set a goal to raise $260,000 by December 31. That’s an ambitious goal, but one that will give us the resources we need to invest in the high quality news, opinion, analysis and cultural coverage that isn’t available anywhere else.
If you feel inspired to make an impact, now is the time to give something back. Join us as a member at your most generous level.
— Rachel Fishman Feddersen, Publisher and CEO
