Connect with us

Hi, what are you looking for?

Jewish Business News


Estates of Bernie Madoff’s Two Dead Sons Reach $23 Million U.S. Accord

Trustee argued that sons benefited from father’s Ponzi scheme
Mark Madoff committed suicide; brother Andrew died of cancer


Bernard (Bernie) Madoff’s two dead sons estates will hand over $23 million to victims of his Ponzi scheme, Bloomberg reports.

The agreement with the U.S. government is resolving an eight-year legal battle.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

Under the deal, the estates will transfer all cash, business entities, and business interests to funds set up for victims.

The family of Mark Madoff who committed suicide in 2010, will leave with $1.75 million after the settlement is approved. Mark hanged himself in his New York apartment on December 11, 2010, the second anniversary of his father’s arrest on Dec. 11, 2008.

His younger brother, Andrew, died of cancer four years later in 2014. His family will leave with $2 million, the trustee said Monday in a court filing in Manhattan.

The estates will also withdraw their claims in the Madoff firm’s bankruptcy case, which total nearly $100 million, according to the statement.

Their estates sued by the company’s court-appointed bankruptcy trustee, who accused the men of profiting from their father’s fraud for years and squandering more than $150 million of client money on their lavish lifestyles.

Thousands of Madoff’s victims lost $17.5 billion in principal when the fraud collapsed.  So far, he’s recovered more than $11.5 billion, by suing banks and offshore funds that funneled cash into the scam.

A criminal investigation 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 never accused of a crime. A civil suit against their mother, Ruth Madoff, is pending.




You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.