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Thursday, May 14, 2009

Credit Card Charges Reveal Madoff Firm Was Family's Piggy Bank

NEW YORK — The credit card bill is a 30-page study in conspicuous consumption.
A quick scan shows a restaurant charge of more than $2,800, $2,000 in spending at a Parisian boutique and $441 at a gourmet bagel shop. There was $8,400 for one night at a hotel in Santa Monica and another $5,000 at the Montauk Yacht Club. The total amount due: more than $100,000.
Eye-popping numbers aside, the American Express statement from January 2008 has taken on broader meaning because of the notorious name on the corporate account: Bernard L. Madoff.
And the vast majority of the charges aren't even his; they belong to his family and associates.
The bill is among a pile of exhibits filed recently in a Manhattan bankruptcy court by Irving Picard, the court-appointed trustee who is dissecting Madoff's massive Ponzi scheme. Lawyers for the trustee claim in accompanying court papers that the credit card statement and other records prove Madoff's family used his clients' money to pay for homes, travel, fancy meals and other personal expenses. LinkHere


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