Madoff's Family Used Company Card for Spending Sprees

It was common practice for Ponzi schemer Bernard Madoff's relatives and employees to whip out the company credit card to charge tens of thousands of dollars a month, according to court records.

The American Express statements, filed in US Bankruptcy Court in Manhattan, cover three months last year, but total more than $307,000, according to a report in the New York Post.

Madoff's two sons and wife weren't shy about pulling out the company plastic. Son Mark Madoff charged nearly $81,000 in July of 2008, with $77,000 of the expenses coming from charter flights. Andrew Madoff left a measly 5.6 percent tip on a $1,066.41 meal at the renowned Per Se restaurant in Manhattan, according to one statement.

The size of the expenses varied, from an $8.11 Starbucks charge to wife Ruth's $2,000 purchase at the Giorgio Armani store in Paris, the paper reported.

Of the 18 card-holders, 15 were Madoff firm employees. Court papers show that sister-in-law Marion Madoff, daughter-in-law Deborah West Madoff, and the captain of Madoff's yacht, Richard Carroll also had cards that they used them liberally.

The spending helped Madoff rack up a whopping 791,814 "Membership Rewards" points as of Dec. 31, 2007.

Madoff bankruptcy trustee Irving Picard filed the AmEx statements to help show how Madoff used his securities firm as a "personal piggy bank" to fund his luxurious lifestyle and shower his family and friends with cash.

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