Trustee going after Madoff family

September 28, 2009 | By Jim Kim

They should have known about. That pretty much sums up the attitude of Madoff estate trustee Irving Picard, who has decided to go after Madoff family members in his hunt for assets. The New York Times reports he plans to sue Mr. Madoff's two sons, his niece and his brother this week, seeking the return of $198 million.

The sons have maintained their innocence from the start, and are actually seeking $90 million from Madoff's firm. The niece was an executive for Madoff. Madoff's wife Ruth has already been sued. The issue is whether these people really knew--or should have known, as the trustee believes. You could argue it both ways and this will not be the final word. Some are disappointed that we haven't seen more criminal prosecutions.

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