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Related: About this forumMore Than $23 Million Recovered From The Estates Of Bernard Madoffs Sons And From His Daughter-In-L
https://www.justice.gov/usao-sdny/pr/more-23-million-assets-recovered-estates-bernard-madoff-s-sons-and-his-daughter-lawDepartment of Justice
U.S. Attorneys Office
Southern District of New York
FOR IMMEDIATE RELEASE
Tuesday, June 27, 2017
More Than $23 Million In Assets Recovered From The Estates Of Bernard Madoffs Sons And From His Daughter-In-Law
Recovered Assets Will Be Used to Compensate Victims of the Madoff Fraud
Joon H. Kim, the Acting United States Attorney for the Southern District of New York, Irving Picard, the Securities Investor Protection Act (SIPA) Trustee, and William F. Sweeney Jr., the Assistant Director-in-Charge of the New York Field Division of the Federal Bureau of Investigation (FBI), today announced the recovery of more than $23 million in assets from the Estates of Andrew and Mark Madoff, and from Mark Madoffs widow, Stephanie Mack, representing funds transferred to them by Bernard Madoff. A Stipulation and Order of Settlement effecting the recovery was signed yesterday by U.S. District Judge P. Kevin Castel. The assets will be liquidated and distributed to victims either through the Madoff Victim Fund, which was established by the Department of Justice, or through the BLMIS Customer Fund, which is administered and the SIPA Trustee.
(snip)
For decades, Bernard L. Madoff (MADOFF) used his position as Chairman of Bernard L. Madoff Investment Securities (BLMIS), the investment advisory business he founded in 1960, to steal billions from his clients. On March 12, 2009, MADOFF pled guilty to 11 federal felonies, admitting that he had turned his wealth management business into the worlds largest Ponzi scheme, benefitting himself, his family, and select members of his inner circle.
MADOFFs sons, Andrew and Mark Madoff (ANDREW and MARK), worked for MADOFF at BLMIS, amassing substantial assets from their employment there. To fuel their luxurious lifestyle, MADOFF frequently provided money to members of his family, including millions of dollars to ANDREW and MARK. As part of these transfers, ANDREW and MARK issued a series of seven promissory notes, with face value of $28.15 million in total (the Notes), to MADOFF, promising to repay the money provided by MADOFF, with interest, after the period of years specified in each Note. Included in this amount is one Note for $6.5 million that was co-signed by MARKs wife, Stephanie Mack (MACK).
(snip)
MARK passed away in 2010, and ANDREW passed away in 2014. The Stipulation resolves the Governments claims against the Estates of ANDREW and MARK (the ESTATES) and MACK based on the Notes, as well as various claims asserted against them by the SIPA Trustee. Pursuant to the terms of the Stipulation, the agreement must also be approved by U.S. Bankruptcy Judge Stuart M. Bernstein, who oversees the SIPA Trustees efforts in bankruptcy court.
The Stipulation requires the ESTATES and MACK to relinquish cash, securities, and liquid assets worth a total of more than $23 million, as well as various interests in additional corporate assets held by the ESTATES. These additional corporate assets will be liquidated and the proceeds added to the total recovery. The total recovery will be split evenly between the Government and the SIPA Trustee, and then distributed to victims of the Madoff fraud.
The Governments portion will be distributed to victims through the Madoff Victim Fund. The Madoff Victim Fund is funded through recoveries by the U.S. Attorneys Office in various criminal and civil forfeiture actions, and is overseen by Richard Breeden, the former Chairman of the United States Securities and Exchange Commission, in his capacity as Special Master appointed by the Department of Justice to assist in connection with the victim remission proceedings.
(snip)
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More Than $23 Million Recovered From The Estates Of Bernard Madoffs Sons And From His Daughter-In-L (Original Post)
nitpicker
Jun 2017
OP
PatrickforO
(14,574 posts)1. Madoff ruined a lot of people's lives.
At least his victims will get something back.