Estates of Bernard Madoff’s Sons Reach $23 Million Settlement

On behalf of Stulce & Yantis posted in Uncategorized on Thursday, September 14th, 2017

The estates of Bernard Madoff’s dead sons reached an agreement with the U.S. government to pay a combined $24 million to Bernard Madoff’s victims, ending more than eight years of litigation. The agreement resolved a legal battle over the remnants of the fortunes the sons amassed at their father’s bogus securities firm. The sons ran the market-making and proprietary-trading business units for years.

Their estates were sued by the company’s court-appointed bankruptcy trustee who accused the two men of profiting form their father’s fraud for years and squandering more than $150 million of client money on their lavish lifestyles. Under the settlement, the estates will transfer all assets, cash and other proceeds to funds set up of victims.

The settlement ends an investigation by the U.S. Attorney’s office in Manhattan, whose criminal probe resulted in a 150-year prison sentence for Bernard Madoff. His sons claimed that they didn’t know about Poniz scheme and they went to the authorities immediately after their father confessed to them. It should be noted that Madoff’s sons were never accused of a crime.

If you would like more information about these cases, you can contact Arnold Stulce or John Yantis. They can be reached at 423-267-9072 or by email at jyantis@stulceyantis.com or astulce@stulceyantis.com.

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