Bernie Madoff’s Debts Have Fallen Even Further Down the Family Tree

Thanks, Grandpa. Photo: Getty Images

Irving Picard, who oversees the bankruptcy of Bernard L. Madoff Investment Securities, just brought lawsuits against former directors of Madoff’s London office (right), seven international banks (okay), and, for the first time, five Madoff grandchildren (really!?), four of whom are actually minors. Picard’s seeking upwards of $500,000 allegedly transferred from accounts owned by Bernie and Ruth Madoff to the current wives, a former wife, and the children of their sons. These lawsuits come as Picard aims to recover $30 billion for victims of Madoff’s scheme before a Saturday deadline. Wonder how much he'll have to spend to do it? [WSJ]