Madoff brother, sons and a nice agree to limit spending to protect assets
By APFriday, February 5, 2010
Madoff brother and sons agree to asset freeze
NEW YORK — Bernard Madoff’s brother, sons and a niece, accused in a lawsuit of using the family finance business like a “piggy bank,” have agreed to an asset freeze.
The deal with court-appointed trustee Irving Picard was described in a document filed Friday in U.S. Bankruptcy Court in Manhattan.
Picard sued the family members in November seeking nearly $200 million that he said enabled them to live lavishly at the expense of investors.
The freeze of assets affects Madoff’s brother, Peter, his sons, Mark and Andrew, and a niece, Shana Madoff. The consent order requires them to seek permission from Picard to spend more than $1,000 unless the expense results from a list of exemptions such as legal or medical fees.
