Madoff’s Brother’s Assets Frozen

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madoff4.jpgA Brooklyn Law School student from Dix Hills got an order temporarily freezing the assets of Bernard Madoff’s brother, Peter, in connection with a nearly $500,000 inheritance allegedly lost in the massive Wall Street Ponzi scheme, according to court records.

In papers filed in Nassau County State Supreme Court, Andrew Ross Samuels, 22, alleged that a trust set up by his late grandfather, Martin Joel, in which Peter Madoff was also a trustee, was lost in the Ponzi scheme carried out by Bernard Madoff.

Earlier Wednesday, Nassau Supreme Court Justice Stephen A. Bucaria signed an order to show cause, temporarily freezing Peter Madoff’s assets until a hearing scheduled for April 3. Bucaria made no findings about the merits of Samuels’ allegations.

Sameul’s attorney, Steven Schlesinger of Garden City, is also representing other members of Samuel’s family who say they lost a substantial amount to Bernie Madoff.

John Wing, an attorney for Peter Madoff, said he was unaware of Samuels’ legal action and declined to comment. Peter Madoff lives in Old Westbury and has not been accused of any wrongdoing in connection with his brother’s crime — running a Ponzi scheme of as much as $65 billion.

Samuels’ father Howard, an attorney in Central Islip, said his father-in-law Martin Joel, had been a close business associate of Bernard Madoff and one of his best friends. Howard Samuel said Peter Madoff put the assets of Stephen’s trust into Bernard L. Madoff Investment Securities Llc.

“I think it is completely justified,” Howard Samuels said of his son’s lawsuit. “I think Peter never acted in the capacity he was supposed to perform, protection of my father-in-law’s grandson.”

“He absolutely dropped the ball,” Howard Samuels said.

(Source: Newsday)