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Madoff relatives sued

Published on 6 Oct 2009 under category: legal

Relatives of Bernard Madoff are being sued for $198 million (£123 million), it has been revealed.

The jailed financier's two sons, brother and niece are at the centre of the case, which suggests that their actions may have resulted in them failing to notice the 71-year-old's Ponzi fraud crimes.

They are being sued by a court-appointed trustee, who is accusing them of using Mr Madoff's business as a "family piggy bank".

Irving Picard, who is trying to recover money for the victims of the former non-executive NASDAQ chairman's fraud crimes, has launched the suit.

He said that the four individuals, all of whom held jobs at Mr Madoff's company, were "completely derelict" in their responsibilities, which he claims may have led to them either failing to detect or stop the fraud crimes.

Earlier this year, Mr Madoff was given a 150-year prison sentence for his part in Ponzi fraud crimes worth around $65 billion.

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