Madoff victims look to family for damages

Author: IFAonline
IFAonline | 16 Nov 2012 | 07:56

Categories: Investment

Topics: Madoff


Victims of Bernie Madoff's Ponzi scheme are seeking millions of dollars in damages from his family, including his son's widow.

The Times reports Irving Picard, the trustee in charge of recouping the money, has so far got back $11.5bn of the $17.5bn lost by investors. Madoff is currently service 150 years in jail for securities fraud.

The report said trustees are now seeking to recover a further $255m from the Madoff family, who are accused os using the Madoff securities firm as a "family piggy bank".

Picard wants $44.8m from Madoff's wife Ruth, as well as $27.5m from Stephanie Mack, the widow of Mark Madoff, one of Bernie Madoff's sons. He committed suicide two years ago.

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