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Estates of Madoff’s Dead Sons Reach $23 Million U.S. Accord

  • Trustee argued that sons benefited from father’s Ponzi scheme
  • Mark Madoff committed suicide; brother Andrew died of cancer
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Madoff Fund Pays Administrator But Not Victims

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The estates of Bernard Madoff’s dead sons have reached an agreement with the U.S. government to hand over a combined $23 million to victims of his Ponzi scheme, resolving an eight-year legal battle over the remnants of fortunes they amassed at their father’s bogus securities firm.

Mark Madoff committed suicide in 2010, and his younger brother, Andrew, died of cancer four years later. Their estates were sued by the company’s court-appointed bankruptcy trustee, who accused the men of profiting from their father’s fraud for years and squandering more than $150 million of client money on their lavish lifestyles.