November 28, 2010

Madoff Family Sued, Big Money

The (much deserved) trials and tribulations of the Madoff family continue, as Bernie Madoff's investment scams than had Wall Street and the financial world turned upside down continue to generate new lawsuits against Bernie and his wife and family.

According to an attorney representing some of those who lost millions of dollars to Madoff's big money scams. "The transfers received by defendant constitute non- existent profits supposedly earned in the account, but, in reality, they were other people's money,... We have been in touch with each defendant and their counsel, seeking a prompt settlement of these claims and an out- of-court resolution. However, as these attempts have not reached a satisfactory conclusion, we are moving ahead with litigation."

Madoff Family Sued

Bernard Madoff's investors, employees and family members including his wife were sued by a trustee seeking to recover as much as $69 million in fake profits they received before the con man's firm collapsed. New York attorney Irving Picard, appointed trustee by a federal bankruptcy court, yesterday sued people who allegedly invested with Madoff and withdrew more money than they contributed. Picard, with the approval of the Manhattan judge overseeing the liquidation of New York-based Bernard L. Madoff Investment Securities LLC, has filed such "clawback suits" in an attempt to obtain as much as $17.5 billion for victims of the largest Ponzi scheme in U.S. history.

Madoff Family Sued

Posted at November 28, 2010 5:25 AM