Bernard Madoff's sons, Mark and Andrew, always claimed they knew nothing about their father's epic Ponzi scheme—after all, they turned their father in after he confessed in December 2008. But a new lawsuit by the court-appointed trustee rounding up funds for investors alleges the sons knew far more than they have ever admitted.
Only Andrew, 48, survives. His older brother Mark committed suicide in 2010.
The complaint by trustee Irving Picard is the latest version of a $150 million lawsuit alleging the brothers knew full well what their father was up to.
Among the new allegations:
- Andrew Madoff created fake accounts for himself to show "assets" allowing him to purchase real estate.
- Andrew and Mark's actual account statements from their deferred compensation plans showed returns that were clearly too good to be true—including returns of up to 24 percent in accounts where no actual trades took place.
- Both sons received millions of dollars in payments disguised as loans from their parents—Bernie and Ruth Madoff.