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, according to a document filed in court Friday. Trustee Irving Picard sued the family members in November, seeking nearly $200 million that he said had enabled them to live lavishly at the expense of Madoff investors. The consent order requires them to seek permission from Picard to spend more than $1,000 except in the case of exemptions such as legal or medical fees.
February 08, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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, according to a document filed in court Friday.
The deal with court-appointed trustee Irving Picard was described in a document filed in U.S. Bankruptcy Court in Manhattan.
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