Steve Mnuchin's Family Profited Off Of Bernie Madoff's Swindle
The New York Daily News reported in 2016 that the family of Treasury Secretary Steve Mnuchin profited off of conman Bernie Madoff's massive swindle.
- Mnuchin’s family “scored more than $3 million from Bernie Madoff’s Ponzi scheme — and got to keep the cash even after that scam crumbled,” according to the report.
- A Madoff trustee sued the secretary’s family in 2011 in an effort to get back $3.2 million in fake profits they obtained from the con.
- The Daily News reported:
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.
- The money went to Mnuchin and his brother Alan after Cooper died in 2005, according to the report, and the “brothers withdrew the dirty money from their mother’s Madoff account just months after her death,” the lawsuit said.
- A federal appeals court ruled that Madoff trustee Irving Picard “couldn’t claw back money that was withdrawn years before Madoff got caught.”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” in 2015, according to the Daily News.