NEW YORK – Two former employees of Bernard L. Madoff Securities LLC have filed lawsuits totaling $1.8 million against Madoff's two sons.
Richard Stahl and Reed Abend say in lawsuits filed Tuesday in Manhattan that while Madoff defrauded investors of $60 billion in the biggest Ponzi scheme in U.S. history, his two sons cheated employees out of compensation they were owed.
Stahl and Abend say they worked for the legitimate trading unit of Madoff securities. They say Mark and Andrew Madoff falsely told trading employees negative stories about their father's advisory unit were untrue.
When Madoff's Ponzi scheme collapsed last year, so did the trading business. Stahl says the firm owes him $1.34 million and Abend says he is owed $474,000.
Lawyers for Stahl and Abend and for the Madoffs did not return calls.