Questions Abound After Andrew Madoff Denies Knowledge Of Dad Bernie’s Swindle
NEW YORK (CBS 2) — There is more fallout from the 60 Minutes Madoff family interview after Bernie Madoff’s son, Andrew, said he had no idea his father was involved in a $65 billion Ponzi scheme. But court documents filed on behalf of Madoff’s victims claim otherwise.
It remains one of biggest unanswered questions of the Bernie Madoff swindle:
Morley Safer: “People say ‘look there’s no way these kids could not have, at the very least, suspected something was going on.'”
Andrew Madoff: “Well keep in mind it just didn’t occur to me that he could be involved in any kind of criminal activity.”
Bernie Madoff’s sole serving son, Andrew, insists that even though he worked in the firm, he had no idea what his dad was up to and that his part of the business was on the up and up. But a suit filed on behalf of Bernie’s victims questions that, charging he received millions in “fabricated returns” on his investment accounts.
For example, the suit claims Andrew had one account at Bernie’s firm that generated $14.5 million in profits for him even though he had invested nothing in it. That included nearly $2 million from selling shares of Dell Computer Corporation that were reportedly bought 18 months before the account was actually opened.
And $5.6 million in profits from the sale of Microsoft stock. Oddly, the suit charges, the sale occurred in January 2002, but account records say it wasn’t even bought until March 2002, two months later.
Safer: “Let me ask you a really intrusive question — how much are you worth as we speak?”
Andrew Madoff: “Well, I was fortunate over the years of running the business that Mark and I ran and enabled my brother and I to live a comfortable life style.”
Safer: “You haven’t answered the question.”
The suit filed by the victim’s trustee claims Andrew was paid $31 million dollars in salary and bonuses between 2001 and 2008 and reaped tens of millions more from Madoff investment accounts, loans for homes and boats and funds to pay for vacation travel, clothes and exclusive club memberships.
As of now, he hasn’t offered to give any of that back.
What do you make of Andrew Madoff’s interview? Share your thoughts in the comments section…