Corporate Compliance
Trustee Sues Madoff Kin for $199M, Says ‘Family Piggy Bank’ Broke Fiduciary Duty
Posted Oct 2, 2009, 06:24 pm CST
By Martha Neil
Four relatives of Bernard Madoff employed at an investment firm they treated as a "family piggy bank" should have to return nearly $199 million handed to them during the years they worked in high-level positions there, a New York bankruptcy court filing today by Irving Picard contends.
Athough no one but Bernard Madoff, the firm's finance chief and its outside accountant have been criminally charged with wrongdoing, Picard, a court-appointed trustee in charge of recovering assets for investors swindled in Bernard Madoff's record-breaking $65 billion Ponzi scheme, says in the civil suit that the four were negligent and breached their fiduciary duty, according to Bloomberg and the Associated Press.
“If the family members had been… Continue reading...
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