Madoff brother, sons and a niece agree to limit spending to protect assets

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 the US 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. 

 

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