Madoff Case Trustee Ups Family’s Liability
November 8, 2011 by UPI - United Press International, Inc.
NEW YORK, Nov. 8 (UPI) — The trustee charged with recovering funds lost in the Bernard Madoff case is seeking more money from family members, court papers filed in New York say.
Irving Picard, who has sued Madoff’s wife for $44 million on behalf of victims in the case, has amended the lawsuit that targets Madoff’s brother, Peter, his son, Andrew, and the estate of Mark Madoff, a son who committed suicide in December 2010.
Madoff is serving a 150-year sentence for running a Ponzi scheme that bilked investors of billions of dollars.
Picard filed suit in October 2009, seeking $198.7 million from family members. The amended lawsuit is looking to recover $226.4 million from family members, including Madoff’s niece Shana, The Wall Street Journal reported Tuesday.
These family members all worked at Bernard L. Madoff Investment Securities LLC, which served as the front for Madoff’s fraud.
In an amended lawsuit, Picard said, “BLMIS was operated as if it were the family piggy bank.”
Picard is trying to recover $77 million from Peter Madoff and $71.9 million from the estate of Mark Madoff. From brother Andrew Madoff, Picard is looking to recoup $64.7 million. From niece Shana Madoff, he is seeking the recovery of $12.7 million, the Journal said.
Attorneys for the family did not respond to requests for comment, the newspaper reported.