Shocker: Madoff Family May Keep $82M Under Mets Ruling

Bernard L. Madoff’s family would keep about $82 million of “other investors’ money” under a ruling that limited a bankruptcy trustee to claiming from the owners of the New York Mets only two years of withdrawals from the Ponzi scheme, according to a court filing, Bloomberg reports.

The con man’s family took out $141 million in the six years before Madoff’s firm went bankrupt in 2008, of which less than $59 million was taken in the two years before the bankruptcy, trustee Irving Picard said in a filing. Many other investors are trying to hang onto “stolen” money that belongs to customers who took losses in the fraud, he said.

“But the trustee is a fiduciary of all customers and, as such, must make every effort to obtain redress for all the customers of BLMIS who fell victim to Madoff’s fraud,” he said in the filing in U.S. District Court in Manhattan yesterday, referring to the Madoff firm.

Picard wrote about the Madoff family in court papers filed after U.S. District Judge Jed Rakoff told him to explain why another investor, James Greiff, shouldn’t keep money he says he took “in good faith” from the Ponzi scheme. Rakoff’s Madoff caseload includes Picard’s suits against the Mets owners and Greiff.

Find out the rest of the story at http://www.bloomberg.com/news/2011-10-27/madoff-family-may-keep-82m-under-mets-ruling.html