Rare, Legitimate Madoff Investment Goes Public

A biopharmaceutical company partly owned by the Madoff family had an initial public offering Tuesday

Saturday, Feb 2, 2013  |  Updated 3:01 PM EDT
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Rare, Legitimate Madoff Investment Goes Public

Bernie Madoff

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Jailed Wall Street fraudster Bernie Madoff may have finally picked a legitimate winner.

A biopharmaceutical company partly owned by the Madoff family had an initial public offering Tuesday that sold $33 million worth of stock.

The New York Post reports that Madoff's initial $2.2 million investment in the company, Stemline Therapeutics, is now worth $5.5 million on paper.

But the scammer might not be able to keep the money.

The trustee overseeing efforts to untangle Madoff's Ponzi scheme says the family's shares rightfully belong to his defrauded clients.

He has filed a lawsuit seeking to seize those shares on behalf of fraud victims.

Madoff is expected to spend the rest of his life in prison.

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