Ponzi Watch

Madoffs to Be Sued for $198M

Trustee searches for missing $18 billion.

Life for the Madoffs just got worse. The trustee winding down the Madoff firm said that Bernard Madoff's two sons, brother, and a niece will be slapped with a $198 million suit this week, Reuters reports. The suit alleges that the family members, who held executive positions within the firm, should have known about the world-wide, decades-long, multibillion-dollar Ponzi fraud perpetrated by Bernie, and accuses them of negligence, breach of fiduciary duty, and making tens of millions of dollars from the scheme. Furthermore, the trustee, Irving Picard, and his chief counsel, David Sheehan said investigators are looking for hidden funds that could be worth up to $18 billion.