BusinessBusiness RecoveryMadoff sons contest claim from bankruptcy trustee

Madoff sons contest claim from bankruptcy trustee

Lawsuit countered with claim that sons were victims too

The two sons of Bernard Madoff, the fraudster jailed for running a $50bn
Ponzi scheme, have claimed they were victims of their father’s criminal
activities as part of their efforts to dimiss a lawsuit brought to recover
almost $200m from members of the Madoff family.

Mark and Andrew Madoff make the claim in papers filed this week to counter
the suit brought by bankruptcy trustee Irving Picard. Madoff’s brother, Peter,
and his niece Shana, are also subject to Picard’s claim, according to a report
in the
Wall
Street Journal
.

Andrew and Mark say they ran the Madoff market-marking and proprietary
trading business legitimately, and note it has already been sold by the trustee
for $25m. In the papers they say they lost their business and went to the
authorities when their father admitted he had been running a Ponzie scheme.
Their lawyer said for rank among the “numerous victims” of their father.

Read more:

Madoff
director hit with false accounting charge

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