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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.