NEW YORK (CNNMoney.com) -- The court-appointed trustee liquidating Bernard Madoff's business filed a $199 million lawsuit against four of his family members on Friday.
The trustee, Irving Picard, is suing: Madoff's brother, Peter, who was the investment securities firm's chief compliance officer; two sons, Andrew and Mark, who served as co-directors of trading; and niece, Shana, who was the compliance director.
The family's management responsibilities included trading operations, customer relationships, and legal and regulatory compliance. "Yet they were completely derelict in these duties and responsibilities," Picard said in the complaint. "As a result, they either failed to detect or failed to stop the fraud, thereby enabling and facilitating the Ponzi scheme at [the firm]."
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