Brooklyn Law Student Wins Freeze on Madoff Brother's Assets
A 22-year-old student at Brooklyn Law School who says he lost nearly $500,000 in purported assets invested with convicted Ponzi schemer Bernard Madoff has persuaded a New York judge to issue a temporary freeze on the assets of Madoff’s brother.
In a civil suit, Andrew Ross Samuels says Peter Madoff served as sole trustee, from 2003 to 2008, concerning for a trust created in 1997 for Samuels that was funded by a $470,000 inheritance from his grandfather. By investing all of the assets in the trust with Bernard L. Madoff Investment Securities, the New York Supreme Court case contends, Peter Madoff beached his fiduciary duty, according to the Wall Street Journal (sub. req.) and Bloomberg.
Peter Madoff, a lawyer in his mid-60s who served as chief compliance officer for the Madoff firm, has not been accused of any criminal wrongdoing. His attorney, John “Rusty” Wing, did not immediately respond to requests for comment from the news organizations.
Attorney Steven Schlesinger represents Samuels.
The temporary freeze on Peter Madoff’s assets will be in place until an April 3 hearing.
Additional coverage:
New York Law Journal: “Judge Freezes Assets of Madoff’s Brother”
Newsday: “Law student gets Bernard Madoff’s brother’s assets frozen”
ABAJournal.com: “Where Was Compliance, as Madoff Allegedly Lost $50B?”
Updated at 10 p.m. to include link to subsequent New York Law Journal article.
