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Stories of Interest
- Inside Scaramucci’s Extreme Loyalty to Trump – William Cohan
- Who President Trump Can Pardon, and Who He Can’t
- Ex-UBS Compliance Officer, Day Trader Deny Insider Trading
- Private Equity’s Big Bets on Financial Tech
- Trump Reportedly Floats Making Rudy Giuliani Attorney General
- Mastercard Wins Dismissal of $18 Billion Class Action Suit
- Jailed Schroders Trader Also to Pay $456K for His 'Criminal Lifestyle'
- Raymond Lucia, Ex-Radio Host Asks U.S. Top Court to Rule On Administrative Law Judges
- As Trump Administration Circles the Drain, Anthony Scaramucci Finally Lands West Wing Job
- Internal Power Struggle Rattles Guggenheim Partners
- Why Most People Will Never Be Successful
- Top Deutsche Bank Trader Leaves After Risky Bets Led to $60Mn Loss
- Bank of America Picks Dublin as EU Hub Post Brexit
- E*Trade Rises 4% as Q2 Earnings Beat Estimates
- I Scream, You Scream, FINRA Screams For Ice Cream ... or ... FINRA Deep-Freezes Broker
- Senate Panel OK's David Kautter, Trump Pick for Top Treasury Tax Job
- OJ Simpson Granted Parole After 9 Years in Prison
- PayPal to Partner with JPMorgan
- BNY Mellon Beats on Q2 Earnings as Revenues Improve
- I Scream, You Scream, FINRA Screams for Ice Cream ... or ... FINRA Deep-Freezes a Broker
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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.