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 This material may not be published, broadcast, rewritten or redistributed.

  • More NewsMore>>

  • Troopers release names of men involved in fatal Canfield crash

    Troopers release names of men involved in fatal Canfield crash

    Sunday, November 19 2017 6:51 AM EST2017-11-19 11:51:23 GMT

    One man is dead after an accident on Shields Road in Canfield.  The Canfield Post of the Ohio State Highway Patrol said a white Mercedes Benz SUV was going west on Sheilds Road at 3 am on Saturday when it failed to negotiate a curve.  The SUV then drove off of the right side of the road, hit a tree and overturned.  One of the vehicle's occupants was taken to St. Elizabeth's in Austintown, where he was pronounced dead.  The crash is being investigated by th...

    More >>

    One man is dead after an accident on Shields Road in Canfield.  The Canfield Post of the Ohio State Highway Patrol said a white Mercedes Benz SUV was going west on Sheilds Road at 3 am on Saturday when it failed to negotiate a curve.  The SUV then drove off of the right side of the road, hit a tree and overturned.  One of the vehicle's occupants was taken to St. Elizabeth's in Austintown, where he was pronounced dead.  The crash is being investigated by th...

    More >>
  • Thousands attend Hermitage Light Up Night Parade

    Thousands attend Hermitage Light Up Night Parade

    Sunday, November 19 2017 12:12 AM EST2017-11-19 05:12:52 GMT

    The annual Hermitage Light Up Parade is kicking off on Saturday.

    More >>

    The annual Hermitage Light Up Parade is kicking off on Saturday.

    More >>
  • Youngstown crash sends three to hospital

    Youngstown crash sends three to hospital

    Saturday, November 18 2017 9:39 PM EST2017-11-19 02:39:45 GMT

    Police are investigating a two-vehicle crash on Belmont Avenue and Gypsy Lane in Liberty Saturday evening.  

    More >>

    Police are investigating a two-vehicle crash on Belmont Avenue and Gypsy Lane in Liberty Saturday evening.  

    More >>
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