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Madoff Relatives Get Dismissal of Some Charges
September 26, 2011
Bernie Madoff's close relatives - brother Peter, sons Andrew and Mark, and niece Shana - learned that a federal bankruptcy judge dismissed portions of a $199 million lawsuit filed against them last October by Madoff trustee Irving Picard. U.S. Bankruptcy Judge Burton Lifland ruled that the majority of alleged fraudulent transfers of funds to the family members were not identified completely. That was the good news, sort of.
The bad news for the 4 defendants is that Judge Lifland said Mr. Picard can proceed with most claims in the suit. The judge also said that the flaws in the dismissed claims were largely correctable and could be amended within 45 days. Unquestionably, that was the bad, bad news.
Arguments in the Lawsuit. Trustee Picard claims that the four close relatives of Bernie obtained nearly $200 million by treating Madoff's investment company "as if it were the family piggy bank." The suit urged the court to require the relatives, all senior managers within the Madoff firm, to return the funds which Picard alleged were used to pay for their vacations, travel, homes and personal expenses.
The relatives contend that their involvement with the firm was entirely legitimate and that they, above all, were betrayed by Madoff. They all worked for the firm's legitimate market-making and proprietary trading units, and not the investment advisory arm at the center of the decades-long multibillion-dollar fraud.
The case is: Irving H. Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC v Peter B. Madoff, et al., U.S. Bankruptcy Court for the Southern District of New York, No. 09-01503. [Reuters, 9/22/11]
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