One or both parents requiring care can create serious stresses and conflicts within families. Elder mediation is available to...Read more
Former SEC General Counsel Settles Claim Over Madoff Profits Inherited From Mom
- March 1st, 2012
The former top lawyer at the Securities and Exchange Commission (SEC) will return all of the profits that he and his two brothers inherited from their mother, who reaped the gains as a result of her investment in Bernard Madoff’s Ponzi scheme.
David Becker and his two brothers were beneficiaries of the estate of their mother, Dorothy, who died in 2004 – four years before Madoff’s massive scheme came to light. Irving Picard, the trustee seeking money for defrauded Madoff investors, filed suit against the brothers to recoup the paper profits they inherited.
Local Elder Law Attorneys in Ashburn, VA
The Law Firm of Evan H. Farr, P.C.
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
Law Offices of John L. Laster
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...
Needham Mitnick & Pollack, PLC
Susan Pollack served as Chairperson of the Falls Church Senior Citizens Commission from 1997 to 2011 and was on the Executive Board of the Falls Church Education Foundation. She has also served on the Board of Directors of the Alzheimer’s Association of the National Capital Area and is a member of the Arlington B...
The brothers have agreed to pay $556,017 to settle the case, “which represents roughly all of the so-called fictitious profits that the Beckers received after inheriting money from their mother,” according to Reuters.
When he was General Counsel at the SEC, the body that regulates the securties industry, David Becker had participated in discussions over payouts to Madoff victims even though he had a financial stake in the outcome. In November 2011, the U.S. Department of Justice decided not to pursue an investigation into the possible conflict of interest.
The settlement must still be approved by a bankruptcy court judge; a hearing is scheduled for April 3 in Manhattan bankruptcy court. The case is Picard v. Estate of Dorothy Becker,U.S. Bankruptcy Court, Southern District of New York, No. 10-ap-04620.
Last Modified: 03/01/2012