Madoff trustee sues Madoff family for almost $200M
Headline Legal News
Bernard Madoff's brother, sons and a niece used the family finance business like a "piggy bank," a court-appointed trustee charged Friday as he demanded in a lawsuit that they return almost $200 million in money to be distributed to cheated investors.
The trustee, Irving Picard, sought $198.7 million from Madoff's brother, Peter, who had worked at Madoff's Manhattan investment company since 1965, and sons, Mark and Andrew.
Also sued was Shana D. Madoff, Bernard Madoff's niece and Peter Madoff's daughter.
Lawyers for the Madoff's brother and sons did not immediately return a phone call for comment. A message for comment left at Shana Madoff's East Hampton home was not immediately returned.
Lawyers for Picard said in papers filed in U.S. Bankruptcy Court in Manhattan that Madoff's family-run business "was operated as if it were the family piggy bank."
They said each of the family members withdrew huge sums of money to fund personal business ventures and to pay for expenses ranging from multimillion dollar homes, cars and boats to monthly credit card charges for restaurants, vacations and clothing.
The lawyers said $141 million identified as fraudulent proceeds were received by the family members in the six years before Madoff surrendered and revealed his plot last December while at least $58 million was received in the last two years.
Peter Madoff was the company's senior managing director and chief compliance officer while Mark and Andrew shared the title of co-director of trading.
Mark had worked with his father at the company since 1986 while Andrew had been there since 1988.
Shana Madoff, a lawyer, had worked there since 1995 as compliance counsel and in-house counsel, the court papers said.
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USCIS Will Begin Accepting CW-1 Petitions for Fiscal Year 2019
On April 2, 2018, U.S. Citizenship and Immigration Services (USCIS) will begin accepting petitions under the Commonwealth of the Northern Mariana Islands (CNMI)-Only Transitional Worker (CW-1) program subject to the fiscal year (FY) 2019 cap. Employers in the CNMI use the CW-1 program to employ foreign workers who are ineligible for other nonimmigrant worker categories. The cap for CW-1 visas for FY 2019 is 4,999.
For the FY 2019 cap, USCIS encourages employers to file a petition for a CW-1 nonimmigrant worker up to six months in advance of the proposed start date of employment and as early as possible within that timeframe. USCIS will reject a petition if it is filed more than six months in advance. An extension petition may request a start date of Oct. 1, 2018, even if that worker’s current status will not expire by that date.
Since USCIS expects to receive more petitions than the number of CW-1 visas available for FY 2019, USCIS may conduct a lottery to randomly select petitions and associated beneficiaries so that the cap is not exceeded. The lottery would give employers the fairest opportunity to request workers, particularly with the possibility of mail delays from the CNMI.
USCIS will count the total number of beneficiaries in the petitions received after 10 business days to determine if a lottery is needed. If the cap is met after those initial 10 days, a lottery may still need to be conducted with only the petitions received on the last day before the cap was met. USCIS will announce when the cap is met and whether a lottery has been conducted.