Madoff Family Owes As Much As $226M: Trustee

Law360, New York (November 8, 2011, 1:39 PM EST) -- The trustee liquidating Bernard L. Madoff's investment firm upped the stakes of his New York bankruptcy court clawback suit against the convicted con man's family on Monday, increasing the damages sought to $226.4 million.

Trustee Irving Picard originally filed the suit in October 2009, seeking then to avoid and recover more than $198 million in allegedly improper transfers made to Madoff's sons Mark and Andrew, his brother Peter, and Peter's daughter Shana.

But the trustee now says he “has identified at least $226,374,622 in avoidable and...
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