Peter Madoff Saw A 114 Million per cent Return On His Investment In The Ponzi Scheme

The Madoff clan was hit with a lawsuit from the court appointed trustee for Madoff’s victims today. The accusations of the trustee are mind-blowing.

  • Peter Madoff, Brother of Bernie: Accused of improperly receiving over $60 million. In 1995, for example, Peter invested only $14 into his Madoff investment account and withdrew $16,252,004 (Yes, that’s $14, as in “fourteen”). Sometimes he used backdated trades which, in reality, never took place.
  • Mark Madoff, Eldest Son:  Accused of improperly receiving $66,859,311. Mark invested only $745,482 in his Madoff account, and withdrew $18,105,456 prior to December 2008.  The trustee also alleges that since 2000, Mark borrowed over $17,000,000 from the ponzi scheme investment fund to buy homes for himself in Greenwich, Connecticut, Manhattan, and Nantucket. That money was never repaid.
  • Andrew Madof, Younger Son: Accused of improperly receiving $60,644,821. The trustee says he falsified stock transactions that let him withdraw $17,117,566 from investment accounts into which he invested only $912,062.  Andrew also received over $11 million from BLMIS to pay for luxury apartments in Manhattan. 
  • Shana Madoff, Peter’s Daughter: Improperly received over $10.6 million in customer funds paid to herself or to entities on her behalf.  This amount includes nearly $3,000,000 of BLMIS’s customer funds which were sent to Shana to purchase a home in East Hampton, New York less than one year before Madoff’s arrest.

Here’s the full statement from the Trustee.



Trustee’s Statement on Madoff Family Lawsuit

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.