Quote from atticus:
According to Mr. Picard, Mark received "astronomical compensation"â $29.3 million from 2001 to 2008, including bonuses of $4.8 million in 2006 and more than $9 million in 2007.
He said Mark deposited a total of $745,482 into seven customer accounts he held and his family held, but redeemed $18.1 million.
"It wasâor at the very least, should have beenâobvious to Mark that the massive gains reflected in his customer account statements did not reflect actual securities transactions or market conditions," the suit said.
In one account, opened in 1998, no money was ever invested, but account records reflected shares of Dell that were purportedly purchased in early 1997, 18 months before it was opened, Mr. Picard alleged. In 1998, nearly $2 million was allegedly redeemed from the account.
Mr. Picard alleged that Andrew Madoff withdrew $17 million from his accounts over the years, also with an investment of less than $1 million. Mr. Picard described Bernard Madoff's firm as a "family piggy bank" that relatives used to support lavish spending habits.