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Peter Madoff Asset Freeze Amended; Spending Limited to $10K Per Month

Posted Apr 3, 2009 11:39 AM CDT
By Martha Neil

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The brother of Bernard Madoff still can't sell anything. But a judge in Long Island, N.Y., has amended an earlier asset freeze won by a 22-year-old Brooklyn law student so that Peter Madoff has $10,000 a month to spend on necessary living expenses.

Tracking the language of a partial asset freeze to which Peter Madoff and federal prosecutors agreed in December, State Supreme Court Justice Stephen Bucaria agreed to the changes today at the request of the parties, reports Bloomberg.

“My client can’t spend a dime, he can’t take a subway ride, he can’t buy a loaf of bread, pay his attorneys,” Spada said. Unless the state freeze is lifted, Madoff may not be able to pay his income taxes by April 15, attorney Charles Spada, who represents Peter Madoff, said earlier this week in an unsuccessful effort to get an appeals court to strike the state-court asset freeze as unnecessariily broad.

Peter Madoff, a 63-year-old attorney who formerly worked as chief compliance officer for his brother's securities firm, isn't accused of any wrongdoing in his brother's infamous $65 billion Ponzi scheme. The Nassau County state-court case filed by law student Andrew Ross Samuels, contends that Peter Madoff, who acted as his sole trustee concerning the investment of a $470,000 inheritance, breached his fiduciary duty by investing the money with Bernard L. Madoff Investment Securities.

Earlier coverage:

ABAJournal.com: "Brooklyn Law Student Wins Freeze on Madoff Brother’s Assets"

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