Bernard Madoff is serving a 150-year term in federal prison in North Carolina.
Though sued for millions of dollars, his sons were never charged with complicity in the fraud, or with any other wrongdoing, although they never shed public suspicions that they were involved in their father’s scheme. Will the late Andrew Madoff’s large estate be targeted?
Andrew Madoff recently passed away after being sick with Lymphoma. The details of his estate have been made public as his will was submitted to probate court. Andrew always claimed that he turned his father, Bernie Madoff, into the FBI only hours after learning about his father’s Ponzi scheme. However, not everyone believes that Andrew was not involved in the scheme and he was personally sued for millions of dollars to help repay investors who were the victims of the fraud. Could his estate now be targeted too?
The total estate is valued at approximately $15 million dollars. All of his personal property, around $11 million in total, is supposed to go to his two daughters. He left a third of the estate to his estranged wife with the remainder going to his fiancée. Private Wealth, in an article titled “Andrew Madoff Leaves More Than $15 Million to Family, Fiancée,” has more details.
While the article does not mention whether there are any plans to sue the estate over the Ponzi scheme, the estate will need to make plans to defend itself. If a court decides that Andrew was culpable in his father’s scheme, then his family and fiancée might not receive the inheritances he planned for them. Of course, it is possible that Andrew did not have knowledge of his father’s activities and that he was telling the truth the entire time.
Reference: Private Wealth (September 12, 2014) “Andrew Madoff Leaves More Than $15 Million to Family, Fiancée“
