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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