Just how deep do the roots of the Madoff family fraud tree run?
In New York today a co-op owned by Peter Madoff, younger brother to Bernie Madoff listed for $4 million. Part of a $143.1 billion forfeiture settlement agreement the proceeds of this sale will be handed over to the U.S. Marshall Service. The $4 million dollar list price is just $100,000 shy of the original purchase price. Since the purchase in 2004 Peter Madoff poured over $1 million dollars into renovating the 2300 sq. ft. Park Avenue unit making it a real “STEAL” for the new owners.
Although Peter’s older brother Bernard Madoff started the world’s largest Ponzi scheme it is widely believed that members of his family helped him grow and perpetuate the fraudulent activities over a span of 10 years. Bernard Madoff was sentenced to 150 years in prison and ordered to forfeit 170.8 billion dollars in restitution back in 2009. As the prosecution continues to widen its investigation twelve others have been implicated with criminal charges related to the Madoff scandal.
Peter Madoff, then Chief of Compliance Officer for Bernard L Madoff Investment Securities LLC pleaded guilty to falsifying documents, filing false tax returns and lying to regulators. Other members of the Madoff family that were employed at the firm included Bernard Madoff’s niece Shana who also served as a Compliance Officer and his son Andrew who served as Co-Director of Trading. Also implicated in the criminal wrong doing was Bernard Madoff’s other son Mark Madoff who committed suicide in December of 2010. In total the lawsuit has been expanded to $255.3 million in damages.
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