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- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
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- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
- Time to Renew FINRA Registrations - B/D, IA, Agent, IA Rep, Branches
- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
- Saudi Arabia's arrest of Prince Alwaleed 'would be like arresting Warren Buffett or Bill Gates' in the US
- Arrest of Billionaire Saudi Prince Touches Sizable Stakes - Citigroup, Twitter, Lyft
- New York Fed President William Dudley set to announce retirement
- FINRA Arbitration Panel Rules Against ex-LPL Broker in $30Mn Lawsuit vs. Firm
- OOPS! Goldman, JPMorgan, BofA Fail in Pricing an IPO
- Former Merrill Broker Pleads Guilty to Fee Fraud, Faces Up To 25 Years
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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.