US prosecutors have targeted the two sons of investment fraudster Bernard Madoff as part of a widening attempt to recover billions of stolen dollars.
US prosecutors have targeted the two sons of investment fraudster Bernard Madoff as part of a widening attempt to recover billions of stolen dollars.
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Prosecutors yesterday filed papers showing their intent to seize a total of USD 31.55 million from Andrew and Mark Madoff, who were close business associates of their father.
The money consists of a series of loans apparently made by Madoff to his sons, most of which was due to be paid back next year. Madoff was jailed last week after pleading guilty to a massive, decades-long scheme to rip off investors.
An appeals court will decide tomorrow on a request by Madoff to be allowed out on bail pending his sentencing June 16. Prosecutors have already announced they want to seize assets in the name of Madoff's wife Ruth.
But this was the first time that the operation to recover the missing billions of dollars focused on the sons. Madoff claimed in court that he acted alone and that his family members knew nothing of his scam.
However, the latest moves are likely to fuel speculation that investigators are probing the rest of the family. According to prosecutors, most loans were made in 2004 and 2005.
Loans were also made for USD 250,000 in September and for USD 4.3 million in October 2008 to Andrew Madoff -- shortly before Madoff was arrested December 11, confessing to cheating thousands of investment clients.
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