Re-gifting is one thing, but stealing a cash gift back? Madoff sucks!


My Comments: Madoff makes a $20K gift to a kids trust fund, then breaches his fiduicary duties and steals nearly $460K from the trust. 

Read It



March 27, 2009

Bernie Madoff giveth — and Bernie Madoff taketh away.

The imprisoned Ponzi king and his wife gave a $20,000 gift to the grandson of a close friend — but Madoff years later stole that money and nearly $460,000 more from the kid’s trust fund, court documents reveal.

And yesterday, the FBI called a lawyer for the grandson, Andrew Ross Samuels, to get details of his lawsuit against Madoff’s brother, Peter, the fund’s trustee.

Samuels, 22, sued Peter Madoff in Nassau County Supreme Court on Wednesday, claiming he violated his duty as a trustee for Samuels’ $480,000 fund by investing it in Bernard Madoff’s scheme.

“The FBI wants a copy,” said Samuels’ lawyer, Steven Schlesinger, about the suit.

A Nassau judge temporarily froze Peter Madoff’s assets because of the suit until a hearing next week.

Samuels’ trust fund was set up in 1997 by his grandfather, Martin Joel, and was initially funded by gifts of $10,000 apiece from Bernard Madoff, and his wife, Ruth.

Peter Madoff placed Samuels’ fund with Bernard’s firm a month after Joel’s death in 2003.

Meanwhile, federal prosecutors yesterday said accused financial hustler James Nicholson nearly ripped off another Madoff investor several months ago for several hundred thousand dollars — but was thwarted when the FBI busted Nicholson for his alleged $293 million scheme.


1 Comment

Filed under Bernie Madoff Sucks!, Economy, Proof that Humanity is F.U.B.A.R.

One response to “Re-gifting is one thing, but stealing a cash gift back? Madoff sucks!

  1. Amazing. Those are soem huge numbers. I can’t even imagine trying to hide that kind of money. Wow.

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