The estates of Bernie Madoff's sons have forfeited $23 million as part of a deal to recoup money for investors. (Reuters)
More than $23 million in assets has been recovered from the estates of Bernie Madoff’s deceased sons, officials said Tuesday.
Madoff's sons, Mark and Andrew, as well as Mark’s widow Stephanie, have agreed to forfeit $23 million as part of a deal with Irving Picard, the court-appointed trustee responsible for recouping money for investors, according to the New York Post.
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The Manhattan U.S. Attorney’s Office and the FBI’s New York Field Division made the joint announcement about the deal.
Half of the $23 million will be directed toward the Madoff Victim Fund. The fund, which is operated by the Justice Department and has already recovered more than $11.5 billion, has already dispensed more than $9 billion to victims.
Bernie Madoff is serving a 150-year federal prison sentence in North Carolina for orchestrating an $18 billion Ponzi scheme -- the biggest in history.
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Bernie’s two sons, who worked for their father, both died within a few years of their father’s conviction.
