Madoff Victims Investigated
The Wall Street Journal is reporting that…”The criminal investigation into who knew about Bernard L. Madoff’s massive fraud has expanded to include some of his highest-profile investors, according to people familiar with the matter.
Jeffry Picower and Stanley Chais, two philanthropists who invested heavily with Mr. Madoff, and Carl Shapiro, one of the money manager’s oldest friends, are among at least eight Madoff investors and associates being scrutinized by the U.S. attorney’s office in Manhattan, these people said.
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Trustee: Nearly 9,000 claims in Madoff scam
By Tom Hays, Associated Press
NEW YORK (AP) — A court-appointed trustee unraveling Bernard Madoff’s massive fraud signaled Thursday that he may go after the disgraced financier’s family to pay victim claims, which have grown to almost 9,000.
Legal action against the family “is a matter that’s being looked into,” trustee Irving Picard said during a telephone conference call with reporters.
Picard already has filed lawsuits in bankruptcy court in Manhattan to try to force hedge funds and other large investors to return $10.1 billion in fictitious profits paid by Madoff’s firm, alleging they should have known about the fraud. As of Wednesday, there were 8,848 customers claiming losses, he said.
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Suit: Madoff Family Got Ponzi Funds Article
By AMIR EFRATI, The Wall Street Journal (5/6/09)
Bernard Madoff used the fruits of his multibillion-dollar Ponzi scheme to lend millions to his brother and son, support his relatives’ business ventures and pay corporate card bills of his daughter in law, sister in law and captain of his boat, according to a court filing Tuesday.
Federal prosecutors previously said that Mr. Madoff used funds from his firm to benefit family members, and they have said they intend to try seizing millions of dollars of assets from Mr. Madoff’s wife, Ruth, and as well as $32 million of loans Mr. Madoff made to his sons, Andrew and Mark, who worked at the Madoff firm.
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