U.S. Sen. Frank Lautenberg’s family foundation can proceed with a securities fraud suit against Peter Madoff, brother of convicted Ponzi schemer Bernard Madoff, a federal judge says.
In a Sept. 9 ruling, U.S. District Judge Stanley Chesler declined to dismiss a claim that Peter Madoff violated Securities Exchange Act §10(b) by failing to disclose to investors that his brother’s company was engaged in a fraud and a claim based on his status as a controlling person under §20(a).
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