Ridgewood Man and Father Worked with Madoff on Ponzi Scheme, Suit Says

NorthJersey.com reports that a lawsuit filed against Eric Lipkin of Ridgewood and his father Irvwin, of neighboring Paramus, accuses them of working closely to propogate Bernie Madoff's Ponzi scheme.

The suit was filed by Irving Picard, a court-appointed trustee overseeing Madoff's firm claims, accuses the Lipkins of perpetuating Madoff's fraud as part of Madoff's inner circle. The suit seeks $9.2 million, far less than more notable cases the trustee is overseeing, notably the continued efforts to recoup $300 million from New York Mets Owner Fred Wilpon.

The Lipkins were considered close members of Madoff's advisors, and according to the lawsuit mentioned in the report; Irwin was the first employee hired by Madoff back in 1964 and Eric, 37, has worked for Madoff since 1992.

Eric Lipkin has been named in the suit for his alleged role in forging or tampering with documents sent to the Securities Exchange Commission.

The elder Lipkin's attorney was quoted as saying the two were "lower-level" employees and "nowhere near" the inner circle.

Ridgewood tax assessment records show Eric Lipkin, who lives on Steilen Avenue, owns a home assessed at $512,800.