Sign Up for the BETTER newsletter

You have been successfully added to our newsletter.

You will be up to date with all our NBC News updates, including special offers

NBC News BETTER brings you wellness news and tips to make the most of your mind, your body and your life.

Madoff Sons Obstructed SEC Audit of Ponzi Scheme, Trustee Suit Says

New allegations allege that Bernard Madoff's sons knew more about their father's Ponzi scheme and may have obstructed an SEC audit.

New allegations allege that Andrew and Mark Madoff, sons of convicted fraudster Bernard Madoff, knew more about their father's Ponzi scheme than they claimed and may have obstructed an SEC audit. The claims come from Madoff trustee Irving Picard in a $150 million lawsuit against the brothers. Andrew, the only surviving son after Mark's 2012 suicide, is currently under investigation from federal prosecutors. Their father is serving a 150-year prison sentence for masterminding the largest Ponzi scheme in history. The complaint alleges the sons obstructed an audit by the Securities and Exchange Commission of the Madoff investment advisory business—the segment of the business they have claimed to know nothing about and the heart of the fraud. With SEC auditors on site, the complaint alleges, "Madoff family members and other employees were behind the scenes deleting emails that could have exposed the fraud."

Sign up for top Business news direct to your inbox.

Subscribe

Let our news meet your inbox.

New Madoff allegations

01:45

Subscribe

Let our news meet your inbox.
MORE FROM better