Trustee to Sue Madoff's Sons, Brother, Niece

He'll seek $198 million; sons may also have 'criminal problem'
By Kevin Spak,  Newser Staff
Posted Sep 28, 2009 8:42 AM CDT

Bernie Madoff’s sons, brother, and niece will all be sued this week for $198 million, the trustee in charge of sorting out the Ponzi mess said last night. Sons Mark and Andrew Madoff in particular withdrew roughly $35 million, despite making little if any investment. “Whether or not they have a criminal problem, we will pursue them as far as we can,” Irving Picard, the trustee, told 60 Minutes.

Picard has filed 13 suits already, but so far he’s only recovered $1.5 billion of the Ponzi riches, which in his estimation total about $36 billion. “About eighteen of it went out before the collapse. And about eighteen of it is just missing. And that eighteen is what we’re trying to get back.” (Read more Bernard Madoff stories.)

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