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

By REUTERS
June 26, 2017 23:32
Breaking news

Breaking news. (photo credit: JPOST STAFF)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For a symbolic $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Don't show it again

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.


Related Content

Breaking news
June 25, 2018
Turkey's Ince concedes defeat in 'unjust' race, warns of one-man rule

By REUTERS