The Liquidator
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Bernard Madoff’s two sons, his brother and a niece who collectively made tens of millions in compensation and took “profits” from his massive Ponzi scheme will be sued in the effort to compensate the scam’s victims who lost billions.
The suit will be filed by the court-appointed trustee in the case, Irving Picard and his chief counsel David Sheehan, who speak to Morley Safer in their first television interview to be broadcast on the 42nd season premiere of 60 Minutes this Sunday, Sept. 27, at 7 p.m. ET/PT.
Madoff’s sons Mark and Andrew, his brother Peter and niece Shana will be sued for negligence and breach of fiduciary duty in their roles at the company. “Whether or not they have a criminal problem we will pursue them as far as we can pursue them and if that leads to bankrupting them, then that’s what will happen,” Picard tells Safer.
He will seek to recover money they made from investment accounts they had with Bernard Madoff and the repayment of loans that financed the purchase of several multi-million dollar homes. “I believe that we can. The money that went to buy these houses under the law is called fraudulent transfers,” says Picard. All told, Picard and Sheehan say that well over $150 million was either loaned, paid or transferred to the four family members.
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Source:
Trustee To Sue Madoff Kin
Also Learns Madoff’s Sons Trying to Collect Deferred Compensation
60 Minutes. Sept. 25, 2009
http://www.cbsnews.com/stories/2009/09/25/60minutes/main5339719.shtml?tag=contentMain;cbsCarousel
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September 28th, 2009 at 2:24 pm
Are you listening, Walter Noel at Fraudfield Greenrich?
Clawbacks, baby.