Mineola, NY – Peter Madoff, brother of convicted Wall Street executive Bernard Madoff, can use $10,000 a month in frozen funds for living expenses, a New York judge says.
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State Supreme Court Justice Stephen Bucaria, ruled that Peter Madoff can access $10,000 worth of his frozen assets monthly following Madoff’s complaints of financial difficulties.
Peter Madoff agreed in December to have his personal finances temporarily frozen by federal prosecutors in relation to his brother’s arrest on charges of defrauding investors.
The judge’s ruling does not allow Peter Madoff, 63, to transfer any of his property or assets while the temporary restraining order is in place.
The order is the result of a lawsuit filed by 22-year-old law student Andrew Samuels that alleges Peter Madoff mishandled the Samuels’ $480,000 fund by allowing it to be lost in Bernard Madoff’s $50 billion Ponzi scheme.
I don’t think it was right to freeze his funds, just because he is Berneis brother
What dose a 22 year old know
So, you all don’t fahgin this poor guy that token $120k for a year. That is borderline poverty in NY.