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U.S. markets recover from steep losses
NEW YORK, Jan. 24 (UPI) -- A lawyer says the two sons of disgraced U.S. financial investor Bernard Madoff had no knowledge of their father's allegedly fraudulent dealings.
Attorney Martin Flumenbaum, who is representing Mark and Andrew Madoff, said the brothers only learned about their father's alleged actions a day before the former Nasdaq stock exchange chairman was arrested in December, The Wall Street Journal reported Saturday.
Flumenbaum said Mark, 44, and Andrew, 42, told authorities of their father's allegedly illegal activities.
Both siblings work at the brokerage arm of Bernard L. Madoff Investment Securities LLC. Despite that fact, Flumenbaum said the brothers had "no access to overall financial information about their father's firm."
The Journal said the elder Madoff, 70, who founded the firm in 1960, is being investigated by federal criminal prosecutors and the Securities and Exchange Commission for allegedly creating a fraudulent investment operation.
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