Judge Freezes Assets Of Madoff's Brother

Yesterday, a judge agreed to a Brooklyn Law student's request to freeze the assets of Peter Madoff, brother (and employee) of admitted multi-billion dollar Ponzi schemer Bernard Madoff. Peter Madoff oversaw Andrew Ross Samuels' $480,000 trust fund, which was created in 1997 by Samuels' grandfather who worked for Bernard Madoff. Upon his grandfather's death, Peter Madoff was made the trustee, but of course that disappeared when the scam was revealed. Samuels' father of Peter Madoff, "He's either incompetent or in cahoots." Samuels is suing for breach of fiduciary duty—as well as his trust's money plus $1.5 million in damages—to which we say, that sucks, but get in line.

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By Jen Chung in News on March 26, 2009 8:48 AM

Comments [rss]

Nick S

You're really downplaying the fact that the law student who did this was only 22 years old!

Rocknrope

How is that relevant or unusual?

Brooklynbobby

All people like Madoff think about is money. Nothing else matters.

Rocknrope

So, the father of ths student was a longtime friend of Madoff, who also spoke at the father's eulogy?

I'm slowly coming to the agreement that Bernie was a sociopath. It's one thing to screw over strangers in some scam, but to screw over lifelong friends and family while still being able to sleep at night? How could someone do that without clearly being completely devoid of a conscience or moral compass?

CR

I've been saying he's a "sociopath" for awhile in reference to Bernie, for exactly the reason you state: he'd use anybody - friend, blood relative, non-profit organization... It didn't matter, as long as he could keep the ruse going.

Outter Burrougher

this does suck for the guy, but! if the money came from the grandfather working for Madoff, and thus for the Ponzi scheme, even if he didn't know about the dubious goings on, weren't they really ill-gotten gains?

chris

Wait, wait. I thought we hate trust funded losers, especially ones that aren't even talented enough to go to a top tier law school. I'm really conflicted right now.