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Trustee files lawsuits to recover more than US$30M in Madoff family investments

July 29, 2010 |The Associated Press

NEW YORK, N.Y. - The New York trustee appointed to recover money jailed financier Bernard Madoff stole from investors has sued three entities where he says more than US$30 million in Madoff family money was tucked away.

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

Picard has accused Madoff family members including Madoff's sons of funding lavish lifestyles with close to $200 million 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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