Madoff sons' estates in $23 million settlement over Ponzi scheme

June 26, 2017 23:32
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Breaking news. (photo credit: JPOST STAFF)

The trustee recouping money for Bernard Madoff's victims has reached more than $23 million of settlements with the estates of the swindler's late sons and related defendants, ending more than eight years of litigation.

According to a Monday court filing, the settlement will strip the estates of Andrew and Mark Madoff of "all assets, cash, and other proceeds" of their father's fraud, leaving them with a respective $2 million and $1.75 million.

The estates also agreed to withdraw roughly $99.5 million of claims against the bankruptcy estate of the former Bernard L. Madoff Investment Securities LLC, the filing shows.

Monday's settlement resolves some the highest-profile cases remaining in trustee Irving Picard's efforts to compensate former Madoff customers who he estimates lost $17.5 billion. He has recovered $11.6 billion, or about two-thirds of that sum.

The settlement also resolves claims against Mark Madoff's widow, Stephanie Mack, and some entities affiliated with the Madoff family.

It also ends an investigation by the U.S. Attorney's office in Manhattan, whose criminal probe resulted in a 150-year prison term for Bernard Madoff, a 10-year term for his brother Peter, and 13 other convictions and guilty pleas.

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