Madoff Family Members Agree to Asset Freeze

Many of Bernard Madoff’s family members agreed to have their assets frozen, pending the outcome of a $200 million lawsuit brought on behalf of the victims of Madoff’s scheme. According to DealBook, the lawsuit was filed against Madoff’s sons, Mark and Andrew, his brother Peter and his niece Shana. Each family member worked at Bernard L. Madoff Investment Securities LLC.

DealBook reports that under the asset freeze, the family members are prohibited from transferring or selling property or assets valued at more than $1,000. They also must receive the trustee’s permission in order to incur debt of more than $1,000. Additionally, the family members must provide the trustee with an account of their expenditures.

Irving H. Picard, the trustee bringing the suit, argued that the family members should return any ill-gotten gains they received from the scheme. He estimates that the family received $141 million in the six months prior to Madoff’s arrest.

Read the DealBook article