Madoff Sons May Pay For His Sins: Trustee Seeks Millions On Behalf Of Victims

CBS News:

CBS News has learned the court-appointed trustee overseeing the Madoff case is ready to up the ante on behalf of victims.

Trustee Irving Picard is poised to file civil complaints against Madoff's two sons Mark and Andrew - who ran their father's trading division - and Peter Madoff, Bernie's brother and company's chief compliance officer, reports CBS News chief investigative correspondent Armen Keteyian.

Read the whole story: CBS News

Comments

[jeffp26]

Everything these Madoffs wear, everything they eat, everything they own, was bought and paid for with money the old man stole. So they should be required to cough it all up.

ASAP.

[nippyfan]

Well they certainly benefited for years from stolen money so.....

[Zen0469]

One can be sure that the sons excel at thievery as does the master, Bernie Madoff. Best of luck to all the investors to recover all the loot, including that pilfered by the sons.

[lunchlady]

The Sons of Madoff are surely sitting on some stolen money. Pry them off. They probably deserve to go to prison too.

[Skyhawk]

Cry me a river.

[condor101]

Greed. They all stole the money.
Those feeder funds made hundreds of millions too, and nobody went to jail from there either.

Just another reason to Never trust an "Investment Advisor".
They are all crooks....­..Criminal­s.

[kappa08]

I hope the grind this disgustingly greedy family into the ground....

[Bulbul]

I did listen to that, to me it makes perfect sense. The sons , at least one of them worked closely with him with the traders. They may or may not know of the crime , but the billions they have are given by Madeoff form others money who are penniless now. They also need to take the 2.5 mil from Ruth, who kept the books and very smart with numbers and give her a bit and ler her live off of social securities­...

[VA Lady2008]

The United States, preceded by the American colonies, has a long history of using SHAME to keep people in line, sometimes as a part of legal proceedings and sometimes when the law simply cannot. The notion of shame formerly extended not just to the criminal but to the criminal's family, and was a powerful motivation to straighten up--if not to the potential criminal--at least then to the criminal's family.

The Madoff family has profited by the criminal activity of the husband and father, and for a good long time. "You're poor now, Ruthie" has failed to assist in ferreting out the suspect billions which this criminal conspiracy, aided and abetted by the loose tax laws and lax oversight by the SEC, has apparently managed to secret away somewhere, where they'll eventually flee and live large.

I vote we indict and prosecute them all, and seize and sell at auction absolutely everything, down to the shower curtains. We need to make a few sharp examples around here, and this would be a good place to start.

[Ladywolf55]

VA_Lady2008, your solution is the BEST.

[hemnebob]

i totally agree with you on this.
i think it smart and practical and i believe we should also apply it
to those slimebags living on wall street with AIG at the front of the line!!!

[mapleaforever]

As Mr. Burns would say, "Release the hounds, Smithers".

Tear into them.

[Alonso Quijano]

A person who buys stolen property from a crook can't keep the property once the theft is duly identified, even if they acted in good faith.

Here, the family, and those "investors" who cashed in their investments early on in the Ponzi scheme, have in fact received property that is just as "stolen" as a stolen car or a painting stolen from a museum or jewelry stolen from a safe. They can't keep the stolen stuff just because they acted in good faith and broke no law. Even if they got the money from having done real honest work for Madoff Sr., they should return it. Madoff Sr. in effect got them to work for NOTHING -- because the money they were handed was someone else's and not their father's. I hope the courts will see it this way and decide this way.

Money handed out derived from the proceeds of fraud or embezzlement is just as stolen as if it were stolen from a safe or a wallet. It needs to be returned.

[H321]

Andrew Madoff and his fiancee are investors and part-owners of Urban Angler (the big fly-fishing store in Manhattan). I just saw a commercial for Urban Angler today starring that bald-judge from Top Chef.. and they never advertise. Looks like Andrew is hoping to see some more $$$$.

Boycott Urban Angler.

[Freenation]

the whole notion of he and his accountant somehow evaporated $50 billions is just so wh.ack...

[dontomas]

Dad just wired me the money to buy a $6.5 mil home. Gee I didnt know our little brokerage firm was doing so well. Yeah right, everyone in this Madoff family was in on it as well as the secretary who was making a million a year and they are damn lucky they all are not sitting in prison.

[raresilk]

this trustee is doing a great job. yes, i am a lawyer. i'd kill to be this guy. what a wonderful job.