Steve Mnuchin's Family Profited Off Of Bernie Madoff's Swindle

JakeThomas

The family of Steve Mnuchin profited off of conman Bernie Madoff's massive swindle according to reporting by the New Yor

The family of Treasury Secretary Steve Mnuchin profited off of conman Bernie Madoff's massive swindle according to 2016 reporting by the New York Daily News.

The family of President-elect Donald Trump’s nominee for Treasury secretary scored more than $3 million from Bernie Madoff’s Ponzi scheme — and got to keep the cash even after that scam crumbled. A Madoff trustee sued the family of Steven Mnuchin in 2011 to claw back $3.2 million in fake profits they pocketed from Madoff’s con.

According to a complaint filed in federal bankruptcy court in New York, Mnuchin’s mother Elaine Cooper received $3,204,227 from Madoff’s massive Ponzi scheme, in which the former financier swindled nearly $65 billion from his Wall Street clients. It is the largest Ponzi scheme in American history.

After Cooper died in 2005, that money fell to Mnuchin and his brother Alan, who were named as defendants in the lawsuit.The brothers withdrew the dirty money from their mother’s Madoff account just months after her death, the complaint says.

Madoff trustee Irving Picard sued the Mnuchin family and many others to recoup stolen profits from the Ponzi scheme. But a federal appeals court ruled Picard couldn’t claw back money that was withdrawn years before Madoff got caught. The Mnuchin family kept the money, and Picard dropped the suit last year.

Comments (2)
No. 1-2
Mike1776
Mike1776

Trump, the Trump Crime Family, and the Trump Cabinet of Crooks, very much including Mnuchin, are the biggest gang of looters ever -- by far.

Lola123
Lola123

Trump has proven over and over that he is corrupt and he's taking the rest of the Republicans down with him.


U.S. & Global News

FEATURED
COMMUNITY