Tuesday, March 28, 2023 | Back issues
Courthouse News Service Courthouse News Service

Investors Sue Bernard Madoff’s Brother

NEWARK (CN) - Peter Madoff, attorney and general counsel for Bernard L. Madoff Investment Securities, failed to inform The Lautenberg Foundation or authorities of his brother Bernie's Ponzi scam, the foundation claims in Federal Court. Peter Madoff, 63, is Bernard's younger brother. "The two have worked side by side at BMIS for nearly 40 years, and their offices, reportedly, were only a few feet from each other," according to the complaint.

"in late 1980, Peter Madoff became responsible for the day-to-day management of the trading desk at BMIS," the complaint states. Lautenberg, a charitable foundation, says Peter's daughter "also worked at BMIS as a compliance lawyer." She is not, however, named as a defendant.

Lautenberg and co-plaintiffs Joshua and Ellen Lautenberg say they turned over $8,922,000 million to the Madoffs. "The current value of plaintiffs' combined investment is substantially less than that."

The Lautenbergs are represented by Ronald Riccio with McElroy, Deutsch & Mulvaney.

Read the Top 8

Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.