Madoff sons' estates to hand over millions in legal settlement
NEW YORK -- A bankruptcy court filing shows the estates of Wall Street swindler Bernard Madoff's two sons will get to keep nearly $4 million once about $18 million in assets is taken away as part of a legal settlement.
The settlement terms were contained in papers filed by a court-appointed trustee Monday in U.S. Bankruptcy Court in New York. The deal leaves Mark Madoff's estate with $1.75 million and Andrew Madoff's estate with $2 million.
The brothers were business and regulatory managers at Bernard Madoff's private investment securities business. Before their deaths, they maintained they worked in a separate part of the business than their father's Ponzi scheme.
Their dad admitted in 2009 that his multi-decade fraud cost thousands of investors roughly $20 billion they had trusted with him. The 79-year-old is serving a 150-year prison sentence. So far, trustee Irving Picard has recovered roughly $9 billion, according to the New York Post.
Mark Madoff hanged himself in 2010. Andrew Madoff died of cancer in 2014.
In 2011, Andrew Madoff told "60 Minutes'" Morley Safer that he disagreed "with many of the assertions in the lawsuit that the trustee has filed against me."
Andrew Madoff said "it was a very real possibility" that he would end up with no money after the lawsuit settled.
"The details of my financial past have been laid bare completely in the lawsuit against me," Andrew Madoff said. "I haven't enjoyed it. But that's the reality that I live in."
