Madoff Trustee Suing Family Members – Running Some Algorithms to Find the Money

There were quite a few healthcare organizations affected as well.  This video from 60 Minutes brings us up current with what is happening today.  They are going after and finding more money.  Those that actually took out more money than they invested might even be liable, as the trustees point out, you are not going to get more than what was put in and some of those individuals may be sued too.  They said 36 billion went into the Madoff funds.  Notice the brass “soft screw” statue.  BD

Non-Profit Cancer Center Closes In Newton Massachusetts – Madoff Fall Out

Irving H. Picard, the court-appointed trustee hunting down what is left of Bernard L. Madoff’s giant Ponzi scheme, plans to sue Mr. Madoff’s two sons, his niece and his brother this week, seeking the return of $198 million.

The lawsuits will accuse the four Madoffs of breach of fiduciary duty and negligence among other charges, Mr. Picard and his deputy David Sheehan told CBS News’ “60 Minutes” in an interview that aired on Sunday.

Madoff Trustee to Sue More Family Members - DealBook Blog - NYTimes.com

A short blast from the past, Rep. Ackerman blasting the SEC…..no algorithms here….

Related Reading:

Madoff's Scheme – One Reason To Put the “Smart People” in the Right Places So We Don’t Get Fooled Again

Beware of Geeks Bearing Formulas

How Wall Street Lied to Its Computers – Software and Programming

Technology “It’s for Those Guys Over There” said the CEO – I Don’t Do Digital Notes

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