New allegations allege that Andrew and Mark Madoff, sons of convicted fraudster Bernard Madoff, knew more about their father's Ponzi scheme than they claimed and may have obstructed an SEC audit. The claims come from Madoff trustee Irving Picard in a $150 million lawsuit against the brothers. Andrew, the only surviving son after Mark's 2012 suicide, is currently under investigation from federal prosecutors. Their father is serving a 150-year prison sentence for masterminding the largest Ponzi scheme in history. The complaint alleges the sons obstructed an audit by the Securities and Exchange Commission of the Madoff investment advisory business—the segment of the business they have claimed to know nothing about and the heart of the fraud. With SEC auditors on site, the complaint alleges, "Madoff family members and other employees were behind the scenes deleting emails that could have exposed the fraud."
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IN DEPTH
- More Victims Than Expected Claim Total of $40B From Madoff Fund
- Madoff Victims Could Get Another $349 Million in Proposed Payout
- Obama Administration Sides with Banks in Madoff Case
- Scott Cohn, CNBC
