Madoff Relatives Sued For $199 Million

Madoff Relatives Sued For $199 Million lawsuit against four of Bernie Madoff’s relatives on Friday, October 2nd, 2009.

The court appointed trustee, Irving Picard, is suing: Madoff’s brother, Peter Madoff, who was the investment securities firm’s chief compliance officer; two sons, Andrew Madoff, Mark Madoff, who served as co-directors of trading; and niece, Shana Madoff, who was the compliance director.

Those listed, management responsibilities included trading operations, customer relationships, and legal and regulatory compliance.

“Yet they were completely derelict in these duties and responsibilities. As a result, they either failed to detect or failed to stop the fraud, thereby enabling and facilitating the Ponzi scheme at [the firm],” stated trustee, Irving Picard.

The suit is in addition to Irving Picard’s $44.8 million lawsuit filed against Madoff’s wife, Ruth, in July of 2009, based on the amount of money she transferred from the firm over a six year period. How could someone transfer that must money and not know where it came from or where it is going?

Madoff Relatives Sued For $199 Million and Irving Picard alleges that, The firm “operated as if it were the family piggy bank. Each of the family defendants took huge sums of money out of [the company] to fund personal business ventures and personal expenses such as homes, cars, and boats.”

Of course they are claiming they are innocence and that being engaged in Bernie Madoff’s Ponzi scheme was absurd and that the trustee’s claims are baseless, absurd claims.

Give me a break…this is an insult to even anyone who reads this. Anything that the family did right before the arrests were for damage control. Including the brothers turning in their father. All smoke and mirrors to save their Madoff butts.

For the full story of “Madoff Relatives Sued For $199 Million,” go to CNN News. You should really wade through this big pile of dung and see how some lawyers can bend the laws to save their clients butts.