The estates of Bernard Madoff’s dead sons reached an agreement with the U.S. government to pay a combined $23 million to Bernard Madoff’s victims, ending more than eight years of litigation. The agreement resolved a legal battle over the remnants of fortunes the sons amassed at their father’s bogus securities firm. The sons ran the market-making and proprietary-trading business units for years.
Their estates were sued by the company’s court-appointed bankruptcy trustee, who accused the two men of profiting from their father’s fraud for years and squandering more than $150 million of client money on their lavish lifestyles. Under the settlement, the estates will transfer all assets, cash and other proceeds to funds set up for victims.
The settlement ends an investigation by the U.S. Attorney’s office in Manhattan, whose criminal probe resulted in a 150-year prison sentence for Bernard Madoff. His sons claimed that they didn’t know about the Ponzi scheme and they went to the authorities immediately after their father confessed to them. It should be noted that Madoff’s sons were never accused of a crime.
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