Trustee Wants $30M More From Madoffs

Irving Picard sues, again, for money
By Emily Rauhala,  Newser Staff
Posted Jul 30, 2010 6:10 AM CDT
Trustee Wants $30M More From Madoffs
Ruth Madoff benefited from Bernie's largesse (with other people's money), the suit says.   (AP Photo/Mary Altaffer, File)

The court-appointed trustee seeking to recover billions of dollars lost by Bernie Madoff is suing for $30 million that he says the Madoff family invested in oil, gas, and tech, reports the AP. The suit filed by trustee Irving Picard says the investments were used as vehicles to funnel money out of Madoff's business, and comes as a follow-up to the lawsuit he filed in November seeking nearly $200 million from Madoff family members who he said lived lavishly while using the family business like a "piggy bank."

Picard wrote in the latest suit that Bernie Madoff was "quite generous" with the money he stole from thousands of customers in history's largest Ponzi scheme. "Foremost among the recipients of Madoff's gifts of customer funds were his closest family members, including his wife Ruth Madoff, his brother Peter, his two sons Andrew and Mark and his niece Shana," he says.
(Read more Bernard Madoff stories.)

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