Bernard Madoff $50 Billion Ponzi Scheme

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Madoff brother's mansion nets $3.5M for victims

Kevin McCoy
2 Hours Ago
http://www.cnbc.com/id/102479889

The five-bedroom, white stucco mansion in the opulent Old Westbury neighborhood roughly 25 miles east of Manhattan boasts a tennis court, an in-ground pool and four acres of property at the edge of a country club and golf course.

What it hasn't had in several years is a family whose members warmed up by the fireplace in the 400-square-foot living room, played billiards in the finished basement or entertained friends or relatives in the guest house.

The last owner who regularly used the residence, Peter Madoff, had to leave unexpectedly. He was implicated in the Ponzi scheme his now-notorious older brother, Bernard Madoff, used to steal as much as $20 billion from thousands of average investors, charities, celebrities and others.

http://www.cnbc.com/id/102479889