Attorneys for both sons of Bernard Madoff are asking a judge to dims the latest bid from Irving Picard, a trustee appointed by the court in handling Madoff’s firm, to file suit against the Madoff brothers regarding their role in their father’s Ponzi scheme.
Defense attorneys for Andrew and Mark Madoff, in filings with the U.S. Bankruptcy Court in NY criticized Picard’s recent attempt to make the brothers responsible for their father’s acts.
Last month, Picard filed a suit against Madoff’s sons, alleging they were well aware of his business investment to be a fraud and wanted to return over $153 million they took from what was said to be bonuses, sham loans, inflated earnings, and false trading profits.
The lawsuit was Picard’s third try to showcase that the brothers were indeed knowledgeable of their father’s fraud.
The suit names Mark Madoff’s estate in its actions to seek money that’s allegedly paid inappropriately and to be given back to fraud victims.