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- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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NEWSLETTERS & ALERTS
Estates of Bernie Madoff's Sons to Pay Back $23Mn
[Photo: Bernie with sons, Mark and Andrew, in photo that hung in Bernie's B/D / vosizneias.com]
It's the end of an 8-year legal battle. A deal was reached in which the estates of Bernie Madoff's sons - Mark and Andrew - will transfer a combined $23 million to funds set up for victims of Bernie's Ponzi scheme. One fund managed by court-appointed trustee Irving Picard has recovered more than $11.5 billion; a separate fund overseen by the Justice Department has another $4 billion.
Picard had sued to recover as much as $150 million from the 2 estates. Mark Madoff committed suicide in 2010; his younger brother, Andrew, died of cancer 4 years later.
Under terms of the deal, the estates will transfer all cash, business entities and business interests to the funds, leaving Mark Madoff’s family with $1.75 million and Andrew Madoff’s family with $2 million. The estates will withdraw their claims in the Madoff firm’s bankruptcy case, which total nearly $100 million. FInally, the deal resolves an investigation by the U.S. attorney’s office in Manhattan, which oversaw a criminal investigation that led to a 150-year prison sentence for Bernard Madoff and a 10-year term for his brother Peter. Both men pleaded guilty. Bernard Madoff’s sons were never accused of a crime. A civil suit against their mother, Ruth Madoff, is pending.