New York Post

Madoff kids’ estates to cough up $23M

- Kaja Whitehouse

The estates of Bernie Madoff ’s sons have agreed to fork over $23 million in ill-gotten gains from years of benefiting from their dad’s Ponzi scheme, according to a joint announceme­nt Tuesday by the court-appointed Madoff trustee and the Justice Department.

Andrew Madoff ’s estate and Mark Madoff’s widow, Stephanie Mack, have agreed to cough up the money as part of a deal hashed out with Irving Picard, the trustee responsibl­e for recouping money for investors. Half the money will also go to the Madoff Victim Fund, which is run by the DOJ and has recovered $9 billion for victims.

The deal leaves Mark Madoff ’s estate with $1.75 million and An- drew’s with $2 million, bankruptcy court documents show.

A Manhattan federal bankruptcy judge is scheduled to approve the deal at a hearing on July 26.

Both Madoff brothers died within a few years of their dad coming clean as the world’s biggest Ponzi schemer in December 2008. His scheme, which is now estimated to have swindled close to $20 billion, lured the rich and famous, including the owners of the New York Mets.

Picard sued the brothers, who always claimed they were kept in the dark about their dad’s scheme, in 2009, most recently claiming they owed investors a massive $153 million.

Newspapers in English

Newspapers from United States