MADOFF: 2 SONS OF SCAM
SUIT SAYS THEY KNEW
The sons knew!
Bernard Madoff's offspring were long aware of their dad's crooked ways and helped perpetuate his $65 billion fraud, two ex-employees alleged yesterday.
Reed Abend and Richard Stahl made the explosive claims in two Manhattan Supreme Court suits against brothers Andrew and Mark Madoff.
The former traders at Madoff's legitimate operation claim the scammer's sons lied after a 2001 Barrons article questioned their dad's consistently positive returns.
Abend and Stahl claim the brothers said the suspicions raised by the article were not true and went on to state falsely that Madoff's investment advisory business was completely legitimate.
It is now clear that the Madoff sons had long known that their father's investment advisory business was an illegal enterprise, and that its criminal conduct threatened the trading business and each of its employees, the suits allege.
Abend and Stahl are seeking $474,000 and $1.3 million in unpaid deferred compensation, respectively, as well as damages from the Madoff sons, who managed the firm's trading operations.
For Abend, the courtroom face-off marks Round 2 with Andrew Madoff, with whom he exchanged insults and fisticuffs during an Upper East Side street fight in January.
Martin Flumenbaum, who represents the younger Madoffs, said, "The lawsuit is totally without merit. Andrew and Mark had no knowledge of their father's fraudulent conduct."
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I bet a whole host of people knew about this.
