Family Now In The Firing Line

Port Vila, Vanuatu (PressExposure) October 09, 2009 -- Madoffs sons, brother and niece are being charged for $199 million. They all worked at the 'firm'.

Trustee, Irving Picard, is suing, Madoff's brother, Peter, who was the investment securities firm's chief compliance officer. The sons, Andrew and Mark, served as co-directors of trading, while the niece, Shana, was the compliance director.

Picard firmly believes the family management team "Either failed to detect or failed to stop the fraud, thereby enabling and facilitating the Ponzi scheme at [the firm]". Picard alleges the firm was operated as if it were the family's personal piggy bank. "Each of the family defendants took huge sums of money out of the firm to fund personal business ventures and personal expenses such as homes, cars and boats".

John R. Wing, lawyer for Peter Madoff, declares that Peter's wife and daughter are among the many victims of Bernard Madoff’s alleged Ponzi scheme, having lost millions of dollars that were invested with Madoff.

Martin Flumenbaum, lawyer for Mark and Andrew Madoff, says "He and his clients strongly disagree with the trustee’s baseless claims". Flumenbaum says that Mark and Andrew Madoff had no prior knowledge of Bernard Madoff’s ponzi scheme.

It was the sons who contacted the U.S. Department of Justice and the SEC, immediately after their father told them he had defrauded his investment advisory clients. “By immediately turning him in, the brothers saved the victims of the fraud more than $170 million that their father was about to distribute", says Flumenbaum.

Flumenbaum also claims that Mark and Andrew Madoff "Suffered substantial losses as a result of their father's crimes and continue to cooperate fully with the authorities in their ongoing investigations".

The claim against the family members is over and above the $44.8 million lawsuit against Madoff’s wife, Ruth. The statement against Ruth Madoff is based on the amount of money she transferred from the firm over a six-year period.

Madoff is now serving a 150 year sentence at the Federal Correctional Institution Butner in North Carolina.

Madoff’s mistress, Sheryl Weinstein, however, has disclosed details of her alleged affair with Madoff, in her book 'Madoff's Other Secret Loves'. She alleges Madoff loved her and that they had a sexual relationship for a year and half, during their 21 year relationship.

Weinstein states that the only thing she has to sell is her story, in an attempt to assist her family regain some of the money they lost by investing with Madoff.

Weinstein's husband of 37 years, sat beside her when she told the judge, that Madoff must not be given the opportunity to walk among society again.

In her book Weinstein makes known personal details about the man she referred to as 'Mr Winky Dink', because of a funny face he would make.

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Press Release Submitted On: October 09, 2009 at 7:55 pm
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