Ponzi King’s Family Face An Asset Freeze

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Last October, the trustee in charge of recovering money for Bernard Madoff‘s victims, decided to sue Madoff’s two sons, his niece, and his brother, saying that they used the business like a “family piggy bank” and routed $198 million to spend on themselves. The four have agreed to an asset freeze until there’s an outcome to Picard’s lawsuit. Preposterous expenses paid for by the company include Andrew Madoff’s Amex “bill for clothes, boat rentals, and vacations” for $813,287 and Shana Madoff Swanson’s bill for “clothes, makeup, and travel” for $379,342.” According to their new agreement, they must all now have Picard’s permission to “run up a debt of more than $1,000, excluding legal fees, medical expenses, taxes and ‘reasonable living expenses.'”


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