Lawsuits filed in bid to recover Madoff cash

The New York trustee appointed to recover money jailed financier Bernard Madoff stole from investors sued three entities where he said more than $30m in Madoff family money was tucked away.

Trustee Irving Picard identified the money in three lawsuits filed in US federal court in Manhattan.

Mr Picard accused Madoff family members including Madoff’s sons of funding lavish lifestyles with close to $200m stolen from thousands of customers of Madoff’s private investment service.

The 72-year-old Madoff is serving a 150-year prison sentence after admitting that he never invested tens of billions of dollars he received from investors.

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