Bernard Madoff's brother and two sons to be charged?

May 2, 2010 | By Jim Kim

The fallout from the Bernard Madoff (Bernard Madoff news) scandal continues to unfold. The AP reports that federal authorities are preparing to charge more people related to the massive Ponzi scheme. The next targets will likely be two former employees. That just might be the prelude to charges against Madoff's brother and two sons, who have maintained their innocence from the start. It's unclear what the charges will be against family members.

The AP says tax fraud charges are likely. They may, however, "escape more serious securities fraud charges if authorities fail to come up with solid evidence they knowingly participated in the massive fraud." So far four employees and an external accountant have been charged, in addition to Bernard Madoff himself. The trustee liquidating Madoff's assets has said that "it would have been impossible for the brother and sons not to know about a scheme that enriched the family, and has demanded they return ill-gotten gains to victims."

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