Estates of Bernie Madoff's 2 sons to keep nearly $4 million - WFMJ.com News weather sports for Youngstown-Warren Ohio

Estates of Bernie Madoff's 2 sons to keep nearly $4 million

Posted: Updated:

NEW YORK (AP) - A bankruptcy court filing shows the estates of Wall Street swindler Bernard Madoff's (MAY'-dawfz) two sons will get to keep nearly $4 million once about $18 million in assets is taken away as part of a legal settlement.

The settlement terms were contained in papers filed by a court-appointed trustee Monday in U.S. Bankruptcy Court in New York. The deal leaves Mark Madoff's estate with $1.75 million and Andrew Madoff's estate with $2 million.

The brothers were business and regulatory managers at Bernard Madoff's private investment securities business.

Their dad admitted in 2009 that his multi-decade fraud cost thousands of investors roughly $20 billion they had trusted with him. The 79-year-old is serving a 150-year prison sentence.

Mark Madoff hanged himself in 2010. Andrew Madoff died of cancer in 2014.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly
All content © Copyright 2000 - 2017 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms