Court: Madoff's brother can spend $10K a month

By
April 3, 2009 21:08

Bernard Madoff's brother Peter gets access to $10,000 a month for living expenses under an agreement approved Friday in a lawsuit accusing him of swindling a college student. Peter Madoff was in a Long Island courtroom to appeal a judge's order last week freezing his assets. That order came in a civil lawsuit filed by Andrew Ross Samuels, who claims Madoff took $478,000 of his trust fund and invested it in his brother Bernard's Ponzi scheme. New York state Supreme Court Judge Stephen Bucaria approved giving Peter Madoff accesss to the money. The pact carries the same terms as a Justice Department document signed by Madoff on Dec. 24, in which he voluntarily agreed not to dispose of his substantial fortune and to curtail his personal spending until further notice. He is permitted to spend $10,000 a month on living expenses, the judge said.


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