BROWSE BY TOPIC
Stories of Interest
- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
- CFTC Commissioner Quintenz Named Sponsor of the Technology Advisory Committee
- Harbour and Geneos Customers Win FINRA Arbitration Against Stockbroker - Bill Singer
- Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed
- The World’s Biggest Wealth Fund Hits $1 Trillion
- At Jefferies, Like Wall Street, Trading Cedes to Banking
- Ex-SAC Trader Who Pleaded Guilty to Insider Trading Just Remembered He’s Innocent
- JPMorgan Turns to Amazon for Retail 'Customer Experience'
- Goldman Sachs Names Ken Hitchner as New Chairman for Asia Pacific
- Judge All but Tosses SEC Case Against ‘Rogue’ Trader And Ex-FBI Informant Guy Gentile
- 'Boys are #1 Among NFL's Most Valuable Teams
- Fake Tax Returns - Your Next Worry After the Equifax Breach
- FINRA DR Recruiting Arbitrators, Mediators at Congressional Black Caucus Conference
- JPMORGAN: Here's who we think will replace Warren Buffett at Berkshire Hathaway
- Mueller to Search Facebook for Russia-Linked Accounts
- Mark Gomes, Market Analyst and Trade Scalper Settles with SEC
- Equifax Waives Credit Lock Fees For Consumers, Amid Criticism
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
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.