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…

More from Marcia Kramer
Comments

One Comment

  1. justpassinthru says:

    Oh puh-leez Barbara Walters and 60 minutes stop with the B.S.” Ruth driven to ‘Christmas suicide’ attempt… no one knew but Bernie”
    Andrew Madoff went to Wharton, worked alongside Bernie … and yet he had NO CLUE what was going on??!
    Well, then, your IVY league education wasn’t really worth much, huh?
    What outrageous B.S.!

    1. JOEYINNYC says:

      That poor mother Ruth was driven to suicide by her husband! I saw the TV interview on the Today show as well. He was an evil man. That poor woman had to endure him and had to carry his bad seed and bear birth to an evil child. Now the heartless son, drags and humiliates the poor woman through public humiliation in order for his grilfriend to raise money with her book. All the mother wants to do is see her grandchildren, and her own son puts conditions on that. I just dont understand jewish people and their ways! A Christian wouldnt ruin Christmas day with a suicide!!

  2. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx says:

    Do us a favor Andjew kill yu mother and then jump off the Empire state building

    1. snittybee says:

      Don’t forget to add his fiancee who will channel more money to the Madoff Criminal Clan

  3. joeyinnyc says:

    My kids told me the same thing. The little one asked if this was an example of the warning, “when it seems too good to be true”!!? and I said yes. It was a very secret society of people who wanted to make nothing but alot of money with little cost to them. The “secret”ness of it all, made them feel a sence of entitlement. but since it was “closed”, they had to rely on that Jewish handshake, which no longer exists in todays society of fairness and hoensty. bernie was right when he said the public thinks he was stealing from orphans and inpoverished people. These were rich people, wanting more and more money, who wanted something ” too good to be true” which defied logic. Its another example of jews getting over on each other and making them look bad. Such a shame. We have a lovely Jewish couple in our building and they feel so ashamed since this has become a Jewish story. Does anyone know if the Madoff name is still on all those buildings and clubs in israel? Or is are they all in denial over this too!>?

  4. roger k says:

    I think deep down Mark Madoff had put 2 and 2 together and realized that
    he had allowed himself to be used by his father amd mother. Thus he became
    the unfortunate sacrificial lamb for his father’s actions. Any sympathy should be reserved for his two young children and his spouse.

  5. roger k says:

    Invest no money and years later account balance becomes $ 10-15 million
    monthly or annual statements indicate incredible appreciation…….sign me up for that…if andrew thinks this money belongs to him then his protestations of ignorance are delusional

  6. Scott says:

    There is no possible way Andrew did not know what was going on. And the plan was put into effect years ago that if the scheme ever crumbled, the boys would turn the father in and claim they new nothing. Madoff said so himself, he new the day would come when he got caught. To think he wouldn’t make a contingency plan for when he did get caught is just not likely. So what do I think about Andrew. he is a liar and a thief.

  7. JoeyinNYC says:

    That sadly hurt mother Ruth was driven to suicide by that evil husband of hers! And now she is being used again by that evil mans offspring. Such bad seed runs in those men. The poor woman only wants to have her final years with her grandchildren, and her stealing frmo the heart son, now publically humiliates her in exchange for access to her grandchildren. And now his girlfriend is being sweapt up in this new chapter of schemes, for she is the ones who legally gets the money from the book, yet the money will be for the son. I wish I had the money to give to that mother Ruth, so she can live her years in peace.

  8. Revoltron says:

    Madoff is a HERO! All of his “victims” got exactly what they deserved. Their greed fueled their blindness, and nobody asked questions like “18% returns??? Is that even possible when the best investments are only giving back 8% (at the time)?” People unquestioningly dumped their money into his lap when the getting was good, and when rumors of a recession circulated they panicked like a herd of blind, fat pigs running over a cliff and everybody tried to cash out at once. If it wasn’t for the mass hysteria Bernie would’ve still been in business. Typical pyramid scheme. The first in make money, everybody else loses.

  9. Stan says:

    AN EYE FOR AN EYE, AND A TOOTH FOR A TOOTH. TOTAL UP ALL HIS PAYCHECKS AND PROFITS FROM THE DAY THEY STARTED WORKING FOR THE COMPANY, DOUBLE THE TOTAL AND THIS IS THE AMOUNT THEY OWE TO THOSE RIPPED OFF. OR YOU CAN TAKE IT LIKE YOUR BROTHER…

  10. truthteller says:

    Knowledge of it or not……….according to the law……..stolen money must be returned. If I steal a million and give you half as a gift…….when I am caught……you must return the money.

  11. Retired 44 says:

    Oh so tell me bigot, gentiles are exempt from all fraud and deceit. Get real…

  12. Omar says:

    No one with a half brain would think the 800% returns you earn in your accounts isn’t suspect. Like the old going says, if its too good to be true, then there’s something fishy about it.

    Prior to Madoff being disgraced, he was a full card carrying member of the Israeli Lobby. Now these same people are quick to betray him. He was only important when he had MONEY.

  13. SAN MAN FROM QUEENS says:

    THERE IS A JAIL CELL, NEXT TO HIS FATHER, IF HE DOESN’T WANT TO SPEND THE NEXT 50 YEARS IN JAIL, HE SHOULD COME CLEAN AND GIVE BACK ALL THOSE MILLIONS HE REAPED….AND DO COMMUNITY SERVICE HELPING PEOPLE MAKE MONEY THE LEGAL WAY…..

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