Madoff trustee sues Madoff family for almost $200M
Headline Legal News
Bernard Madoff's brother, sons and a niece used the family finance business like a "piggy bank," a court-appointed trustee charged Friday as he demanded in a lawsuit that they return almost $200 million in money to be distributed to cheated investors.
The trustee, Irving Picard, sought $198.7 million from Madoff's brother, Peter, who had worked at Madoff's Manhattan investment company since 1965, and sons, Mark and Andrew.
Also sued was Shana D. Madoff, Bernard Madoff's niece and Peter Madoff's daughter.
Lawyers for the Madoff's brother and sons did not immediately return a phone call for comment. A message for comment left at Shana Madoff's East Hampton home was not immediately returned.
Lawyers for Picard said in papers filed in U.S. Bankruptcy Court in Manhattan that Madoff's family-run business "was operated as if it were the family piggy bank."
They said each of the family members withdrew huge sums of money to fund personal business ventures and to pay for expenses ranging from multimillion dollar homes, cars and boats to monthly credit card charges for restaurants, vacations and clothing.
The lawyers said $141 million identified as fraudulent proceeds were received by the family members in the six years before Madoff surrendered and revealed his plot last December while at least $58 million was received in the last two years.
Peter Madoff was the company's senior managing director and chief compliance officer while Mark and Andrew shared the title of co-director of trading.
Mark had worked with his father at the company since 1986 while Andrew had been there since 1988.
Shana Madoff, a lawyer, had worked there since 1995 as compliance counsel and in-house counsel, the court papers said.
Related listings
-
ACLU Demands Info On DHS Computer Searches At Borders
Headline Legal News 08/28/2009According to Courthouse News, the ACLU demands information on the Department of Homeland Security's policy on searching laptop computers at international borders. The DHS' Customs and Border Protection office announced in July that it can search elec...
-
Veteran Says Mercenaries Shot Him In Iraq
Headline Legal News 08/27/2009Courthouse News reports that civilian security contractors in Iraq shot and permanently disabled a US Special Forces sergeant as he returned to Baghdad International Airport after an intelligence mission, the veteran claims in Federal Court. Sgt. Kha...
-
Former Prof Arrested, Accused of Taking 2 Guns Into Law Library
Headline Legal News 08/26/2009According to the ABA Journal, a former adjunct faculty member at the University of Louisville's law school was arrested Friday after allegedly bringing two handguns and 53 rounds of ammunition into the law school library around 8:30 a.m. Police were ...
New Rochelle, New York Work Accidents Lawyers
It doesn’t matter what type of work you do or where you work, you can always be at risk of injuring yourself at your work no matter how safe you may think it is. Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties.
Factors that affect one’s quality of life like place of work, relationships with friends and family, social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. In order to ensure that you and your loved ones receive the best outcome, make sure you have the help of an experienced New Rochelle, New York workplace injury lawyer you deserve. We can get you on your way to filing a claim against the responsible party. If you have been injured at your place of work it is important to know your options by seeking legal action. Kommer Bave & Ollman LLP offers a free case evaluation where we will answer any questions you may have and explain your legal options. Call us at 914-633-7400 or contact our firm to schedule a free consultation with an experienced attorney.