Records Show How Madoff Used Firm As "Piggy Bank"

New York Times:

Mr. Madoff listed family members, boat captains, housekeepers and others as employees of Bernard L. Madoff Investment Securities, even though they never actually worked for the firm, newly released documents show. The convicted swindler also used his firm's money to pay for real estate, yachts, private planes and country club memberships, according to court filings by the trustee charged with liquidating the Madoff firm.

Read the whole story: New York Times

Comments

[KillTheMessenger]

The way I read it Mr. Madoff took less money for running his Ponzi scheme than most "legitimate" fund managers take for theirs.

:-)

[hulagirrrl]

it seems that way to me, but what blows my mind is that she is still living large...

[jeffp26]

So the entire Madoff family lived on stolen property, and everything they eat, everything they wear, and everything they own was stolen.

That is old news.

Tell me they're all in prison, having intercourse with new and disgusting partners. That would be new news.

[RobertHenryEller]

Try this one out:

Madoff's secretary has said that Ruth Madoff ran the books, and was very sharp.

If Madoff was taking customers money out for these very large expenditures, wouldn't Ruth have had to know about it?

In other words: Is Ruth as guilty as Bernie?

[GerryS]

on review, it appears that Ruth took very good care of the not for profit world-----

[olddognewtrick]

More like an ATM than a piggy bank.