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Madoff victims angry over Andrew Madoff's $16 million estate

At the time of his death, he was working to stop victims of the Ponzi scheme from claiming his fortune as part of their settlement. No one knew his net worth until his will was filed with a Manhattan court.

By
Aileen Graef
Burt Ross, a victim of Bernie Madoff's Ponzi scheme, talks about Madoff's sentencing of 150 years in prison outside of Federal Court on June 29, 2009 in New York City. Madoff pleaded guilty to masterminded the biggest Ponzi scheme ever which involved $65 billion. (UPI Photo/Monika Graff)
Burt Ross, a victim of Bernie Madoff's Ponzi scheme, talks about Madoff's sentencing of 150 years in prison outside of Federal Court on June 29, 2009 in New York City. Madoff pleaded guilty to masterminded the biggest Ponzi scheme ever which involved $65 billion. (UPI Photo/Monika Graff) | License Photo

NEW YORK, Sept. 12 (UPI) -- Victims of Bernie Madoff's ponzi scheme are angry after learning his youngest son, Andrew, left behind an estate worth $16 million.

Andrew, who died of cancer Sept. 4, was never charged in the Ponzi scheme case of his father, despite working closely with him.

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He gave a little more than $5 million to his first wife, Deborah West, equal shares of his tangible property to his daughters, Anne and Emily, and $50,000 per month to his fiancee, Catherine Hooper, until the conclusion of his estate. Hooper will the be paid out what is left after his daughters and ex-wife are paid.

"Sixteen million? And all these people were out of their money?" Judith Welling, 77, told the New York Post. She lost millions of her post-retirement money to Madoff.

At the time of his death, he was working to stop victims of the Ponzi scheme from claiming his fortune as part of their settlement. No one knew his net worth until his will was filed with a Manhattan court.

"It's not fair -- it's not fair at all," said 85-year-old Angelo Viola.

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