NEW YORK, N.Y. – 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.
