Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Monday, September 29, 2014

Officials Scrutinize Andrew Madoff's $16 Million Estate

Andrew Madoff

Until he passed away earlier this month, Bernard Madoff’s last surviving son was under investigation for possible involvement in his father’s multibillion-dollar Ponzi scheme.  Despite his passing, scrutiny over his $16 million estate continues. 

The court appointed trustee seeking to recover money for conned investors began to dissect Andrew Madoff’s wealth far before his death, filing an updated lawsuit this summer accusing him and his brother of having full knowledge of their father’s scheme and using it as their “personal cookie jar” that they tapped through bogus loans, fabricated trades and overdue compensation. 

Although Andrew maintained he and his brother Mark knew nothing of the massive fraud, as they were the ones who went to the authorities after their father confessed to them, investigators said they believed the brothers were never unaware. 

Officials said it was likely Andrew Madoff would have faced tax evasion charges if he had not died.  The ultimate goal was using federal charges as leverage to get him to return money to investors.  After Andrew Madoff’s death, his will was publicized, revealing an estate worth $16 million.  The trustee is seeking to recover money from the estates of both brothers and has the power to pursue money and assets wherever they are disbursed. 

See The Associated Press, Bernie Madoff’s Last Surviving Son was Under Scrutiny Until he Died—and Questions Still Surround $16 Million Estate, NY Daily News, Sept. 28, 2014.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2014/09/officials-scrutinize-andrew-madoffs-16-million-estate.html

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