Results tagged “frozenassets”

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.