Law in Popular Culture
Trustee to Sue Madoff Kin for $150M, Says ‘60 Minutes’ in Upcoming Interview
Posted Sep 25, 2009 7:12 PM CDT
By Martha Neil
A court-appointed trustee in charge of recovering assets for those victimized by Bernard Madoff's record-breaking $65-billion Ponzi scheme reportedly plans to sue the convicted swindler's two sons, Andrew and Mark, brother, Peter, and niece, Shana.
In a 60 MInutes segment scheduled to broadcast on Sunday evening, trustee Irving Picard and his chief counsel, David Sheehan, say they intend to bring a negligence and breach of fiduciary duty claim against the four relatives, who all had roles in Madoff's investment firm, reports CBS News.
The plan is to try to recover as much as possible of the $150 million that Picard and Sheehan say was paid, loaned or transferred to the four in compensation and, at least as far as the three men are concerned, through investment accounts.
"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 the network's Morley Safer.
All four have denied that they knew about the Ponzi scheme that Madoff operated under the guise of a hedge fund.