Over the Top! Bernard Madoff's $100,000 Monthly Amex Bills
Ruth, sons, inner circle used investor money for vacations, Paris fashions.
May 7, 2009— -- Bernard Madoff used investors' money as his "personal piggy bank" to support a lavish lifestyle enjoyed by his wife, sons and a select few in the office, according to documents filed in bankruptcy court in New York by attorneys for the bankruptcy trustee.
One American Express bill for January, 2008 shows his wife, Ruth, used the company's business platinum card for a fashion shopping spree. She spent $3,792 in Paris on January 11 at Giorgio Armani, Jil Sander and Marni.
Click here to see a copy of the bill.
Peter Chavkin, Ruth Madoff's attorney, said he had no comment.
Madoff's sons Andrew and Mark used their corporate cards for travel and ski related expenses at a resort in Jackson Hole, Wyoming, according to the document.
Andrew charged $1,126.41 on the corporate card at one of New York's finest and most expensive restaurants, Per Se, according to the documents. In addition to the gratuity included in the bill, Andrew added another $60 tip.
PHOTOS: Click here to see photos of the Madoffs' luxurious lifestyle.
The bankruptcy trustee also alleges that Madoff loaned his son Mark $6.5 million from the company account at the same time he purchased a multi- million dollar home in Nantucket in June, 2008.
Mark and Andrew's lawyer could not be reached for comment.
In the court filing, the bankruptcy lawyers say investors' money went into Madoff's account at JP Morgan Chase and was used to pay for the extravagance.
The documents show that a select few Madoff employees had their own platinum corporate American Express cards, including Madoff's right hand man Frank DiPascali, who is reported to be negotiating a guilty plea with federal prosecutors.
More Extravagances on Madoff American Express Card
According to the Amex bills filed in court, DiPascali used the corporate account to buy five tickets to the Bahamas in January, 2008.
Madoff also transferred $2.7 million to a law firm representing another key employee, JoAnn Crupi, at a time she was purchasing a $2.2 million home in New Jersey.
Former employees say Crupi worked closely with DiPascali in Madoff's 17th floor office where the investment advisory business was located and where federal agents say the stock fraud scheme was run.
Messages left for Crupi and her attorney were not returned.
Other extravagances in the court filing include:
A $9 million dollar loan to Madoff's brother, Peter.
$6 million dollars to purchase two yachts.
$947,703 was paid to four different country clubs including the Palm Beach Country Club and Trump International Golf Club.
"Madoff used the account "to siphon funds which were, in reality, other people's money, for his personal use and the benefit of his inner circle," the trustee's lawyers said in the filing. "Plain and simple, he stole it."
This post has been updated.