Skip to content
Subscriber Only

Madoff ‘Surrogate Father’ Moved Billions in Account

A New York real estate broker described as a “surrogate father” to Bernard Madoff transferred more than $83 billion in and out of his account with the convicted con man from 1998 to 2001, the Securities Investor Protection Corp. said in a letter.

Norman F. Levy’s transactions in those years dwarfed those of all other Madoff clients. The others put in a total of $10.2 billion and took out $8.5 billion during the same period, according to a Jan. 24 letter from the SIPC to U.S. Representative Scott Garrett, a Republican from New Jersey, who is looking into the fraud. Levy died in 2005 at age 93.