Bernard Madoff’s last surviving son was under investigation for possible involvement in his father’s multibillion-dollar Ponzi scheme until the day he died from cancer earlier this month, but scrutiny over his $16 million estate lives on.
The court-appointed trustee seeking to recover money for bilked investors began taking aim at Andrew Madoff’s funds even before his death, filing an updated lawsuit this summer accusing him and his brother of having full knowledge of their father’s scheme and using it as their “personal cookie jar” that they tapped through sham loans, fictitious trades and deferred compensation.
