Madoff sons may pay for his sins

Posted By: Staff
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New York, Sep. 2 (ANI): A court-appointed trustee overseeing the Madoff case is poised to file civil complaints against jailed Ponzi King Bernie Madoff's two sons Mark and Andrew - who ran their father's trading division - and Peter Madoff, Bernie's brother and company's chief compliance officer.

Trustee Irving Picard will seek in excess of 50 million dollars, including at least 30 million dollars in loans to the sons. He is not accusing them of wrongdoing; instead his goal is to recapture money diverted from Bernie Madoff's massive Ponzi scheme.

"He's trying to get money back for the benefit of creditors from people who weren't entitled to receive it," CBS quoted bankruptcy attorney John Kinzey, as saying.

Other sources say Picard intends to force the Madoffs to reveal all their assets - everything from bank accounts to fancy homes, including one on Nantucket Island bought by Mark Madoff and his wife for six and a half million dollars in cash.

It was bought with money directly transferred from the bank account of Bernie Madoff Investment Securities.

Mark Madoff has refused to comment on the issue. (ANI)

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