Madoff victims look to family for damages

clock

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.

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers expecting more of asset managers since Consumer Duty

Advisers expecting more of asset managers since Consumer Duty

‘We actually need to understand one another better’

Hope Coumbe
clock 28 March 2024 • 1 min read
Fears tech limitations could stall MPS on its upward trajectory

Fears tech limitations could stall MPS on its upward trajectory

‘There have been a few changes and challenges around growth in general’

Hope Coumbe
clock 27 March 2024 • 1 min read
Partner Insight: Beyond 60/40

Partner Insight: Beyond 60/40

Invesco
clock 27 March 2024 • 5 min read