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FP/wire say court ponders estates of SEC targets

2016-05-10 06:48 ET - In the News

The Financial Post reports in its Tuesday edition that the trustee unwinding Bernard Madoff's Ponzi scheme is losing patience with the estates of the con man's dead sons. A Bloomberg dispatch to the Post says Mark and Andrew Madoff died without resolving a 2009 lawsuit accusing them of squandering $150-million of investors' money, and recent settlement talks with the estates have hit dead ends (all figures U.S.). The claims against the Madoff clan are part of Mr. Picard's effort to recoup cash for thousands of victims who lost $17.5-billion in principal. So far, he has recovered $11.1-billion, or almost 64 cents on the dollar, by suing the banks and offshore funds that funnelled cash into the scam as well as investors who profited from the fraud. While he got money and assets from many of Bernard Madoff's relatives, Mr. Picard is intent on making sure none benefit from the con man's fraud. In a new lawsuit, he seeks to recover tens of millions of dollars worth of property from the brothers' estates, including a Manhattan apartment. The brothers had led the market-making and proprietary-trading businesses for years, overseeing real trading activity that lent legitimacy to their father's bogus investment advisory unit.

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