Lawsuit Against Madoff Now at 226M

Posted on November 8, 2011 at 4:05pm by

Nov 8 (Reuters) – Lawsuit grows to 226.4 million from 198.7 million while Trustee says the Madoffs treated firm as family piggy bank. The trustee seeking money for Bernard Madoff’s victims has increased the size of his lawsuit against family members of the imprisoned Ponzi schemer to $226.4 million.

Irving Picard, the trustee, in an amended complaint, said the Madoffs were “completely derelict” in overseeing operations at Bernard L. Madoff Investment Securities LLC, which collapsed when Madoff was arrested on Dec. 11, 2008.

He also said the Madoffs treated the firm like a “family piggy bank,” withdrawing huge sums to fund other businesses as well as personal expenses such as vacation homes and boats.