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Madoff trustee Irving Picard files 40 lawsuits against some of Madoff's relatives and former...

Madoff trustee Irving Picard files 40 lawsuits against some of Madoff's relatives and former employees, seeking to recover as much as $69M. Picard has already managed to claw back $1.5B for investors.
Comments (4)
  • Tom Au, CFA
    , contributor
    Comments (6775) | Send Message
     
    A warning to "relatives" that they will not be allowed to keep "gifts" resulting from "ill gotten gains."
    27 Nov 2010, 02:18 PM Reply Like
  • Wyatt Junker
    , contributor
    Comments (4503) | Send Message
     
    Buyer beware has become buyer will cry, buyer will whine, buyer will sue.

     

    No cheerleading for Madoff, but seriously there was so much country club cocktail party trash invested in this freak and his snake oil at 25% per annum(and promises of more) that none of them should be surprised at the result.

     

    In everyone's quest to become the next Great Gatsby they then turn around and get mad at ... Great Gatsby.
    27 Nov 2010, 02:45 PM Reply Like
  • User 281898
    , contributor
    Comments (46) | Send Message
     
    What a great country where you can sue whomever you want. Are they suing his toddler grandchildren too? Greedy idiots got skooled. That's life.
    27 Nov 2010, 07:59 PM Reply Like
  • Duude
    , contributor
    Comments (3358) | Send Message
     
    Hiding assets isn't all that hard. Wealthy Americans have been doing this for years and years. If you're wealthy enough, you can afford a great accountant well-versed in the practice of covertly setting up offshore accounts under a dummy corporate name, funneling assets under cover, and covering your tracks. The big savings is the estate tax which make possible a maximum transfer of assets from one generation to the next.
    28 Nov 2010, 04:16 PM Reply Like
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