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Madoff Trustee Sues Family Members’ Companies to Get Funds for Investors

Bloomberg – Companies owned by members of Bernard Madoff’s family should pay tens of millions of dollars to help victim’s of his Ponzi scheme, the trustee recovering funds for investors said in three lawsuits.

Madoff’s family members used the money to fund their personal business ventures, said trustee Irving H. Picard in the complaints filed yesterday in U.S. Bankruptcy Court in New York. The companies include a hedge fund, a biotechnology company, energy companies, and Primex Holdings LLC, a company designed to replicate an auction process, according to the filings.

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