Peter Madoff

14 Stories

Peter Madoff Gets 10 Years Over Brother's Ponzi Scheme

He will probably lose all his assets, too

(Newser) - Bernie Madoff's younger brother got sentenced to 10 years in prison today after admitting to crimes such as falsifying documents and lying to regulators. But Peter Madoff, 67, continued to insist he didn't know about Bernie's massive Ponzi scheme, a claim the judge called "frankly not... More »

Peter Madoff Taken Into FBI Custody

Bernie's brother to plead guilty later today

(Newser) - The FBI took Bernie Madoff's brother into custody this morning, ahead of a scheduled court appearance in which Peter Madoff will plead guilty to two criminal charges. That appearance will take place at the same courthouse where Bernie was sentenced to 150 years in prison for his Ponzi scheme.... More »

Madoff's Brother to Plead Guilty, Get 10 Years

Peter Madoff was a top exec at Bernie's fraudulent hedge fund

(Newser) - Bernie Madoff's brother is heading to prison for 10 years. Peter Madoff made an agreement with prosecutors and will plead guilty on Friday to two charges: falsifying the records of an investment adviser and conspiracy to commit securities fraud and other crimes, reports the Wall Street Journal . Peter served... More »

Trustee Wants $30M More From Madoffs

Irving Picard sues, again, for money

(Newser) - The court-appointed trustee seeking to recover billions of dollars lost by Bernie Madoff is suing for $30 million that he says the Madoff family invested in oil, gas, and tech, reports the AP . The suit filed by trustee Irving Picard says the investments were used as vehicles to funnel money... More »

Madoff's Brother Target of Crime Probe

Peter Madoff subject of 'wide-ranging' Ponzi scheme inquiry

(Newser) - Finance's most-tarnished family name took another hit yesterday when it emerged that Peter Madoff is the target of a criminal probe relating to big brother Bernie's Ponzi scheme. A court filing states that the Manhattan US attorney's office is conducting an "active and wide ranging" probe of Peter, who... More »

Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

$199M suit spreads blame to firm's execs

(Newser) - The trustee in the Bernie Madoff case, delivering on his threat to sue the imprisoned fraudster's relatives and co-workers, filed a $199 million lawsuit today in bankruptcy court. Rather than alleging that they knew about Bernie's Ponzi scheme, Irving Picard's complaint takes issue with the way brother Peter, sons Mark... More »

Trustee Set to Gouge Madoff's Sons, Brother

May ask for $50M of clients' cash back

(Newser) - They're not accused of being in on the fix, but that's not stopping the court-appointed trustee of Bernard Madoff from going after the swindler’s sons and brother, CBS News reports. Trustee Irving Picard will file civil complaints against Mark, Andrew, and Peter Madoff and seek up to $50 million... More »

Madoff: I Can't Believe They Didn't Catch Me

Gives first prison interview, and he's looking a little buff

(Newser) - Prison life appears to be agreeing with Bernie Madoff. A lawyer who represents victims met with Madoff today and said he appears fit. "He looked pretty good and seems to be working out," said attorney Joseph Cotchett. "He looked a lot better than he has in some... More »

Madoff's $100K AmEx Bills Point to Rampant Abuse

Investors' money kept family living luxe

(Newser) - Ponzi-schemer Bernard Madoff used investors’ money as a “personal piggy bank” to support family, as well as some staff, extravagances, ABC reports. Documents filed in New York bankruptcy court show that Ruth Madoff used the company card to purchase nearly $5,000 of clothing at Paris boutiques last January,... More »

Madoff Investor Slapped With 1st Suit to Recover Gains

Trustee plans lawsuits all over the world

(Newser) - The first of what may be many lawsuits aimed at clawing back money from investors who gained from the Bernie Madoff ponzi scheme has been filed, the Wall Street Journal reports. The trustee for defrauded investors, Irving Picard, yesterday filed suit against a Virgin Islands-based investor, Vizcaya Partners, which withdrew... More »

Madoff Victims Trustee Eyes Brother's Bucks

New focus on Peter as trustee seeks to compensate swindle victims

(Newser) - A federal court official may seek to claw back any funds transferred by Bernard Madoff's swindle company to his brother, reports the New York Post. The new focus on Madoff's sibling, an officer in his firm, was revealed in a letter to an attorney representing a New York law student.... More »

Judge Kills Allowance for Madoff Bro

Rulings in response to lawsuits also extend freeze to feeder funds

(Newser) - A appeals judge yesterday nixed a deal that gave Bernard Madoff brother Peter a $10,000 monthly allowance out of his frozen assets, reports the New York Daily News. The ruling, which came in response to a suit from a law student who lost his $500,000 inheritance, prevents him... More »

Scammed Law Student Wins Freeze of Madoff Bro Funds

Peter Madoff had 'full knowledge' of scam, lawsuit charges

(Newser) - A Brooklyn law student who lost a $500,000 inheritance in the Bernard Madoff scam has won a court order freezing the assets of the swindler's brother, reports Reuters. Peter Madoff was in charge the student's trust, which he invested in Madoff's s scheme. Peter Madoff was an executive officer... More »

Madoff Brother Eyed for Not Reporting Scam

Fraudster may have confessed to brother before he told his sons

(Newser) - Bernard Madoff's brother learned that the Madoff fund was a huge scam the evening before the fraudster confessed to his sons, but he failed to inform authorities, insiders tell the New York Times. Peter Madoff, who worked closely with his older brother for decades, has not been charged with any... More »

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