MADOFF'S BROTHER TARGET OF US PROBE; UK DROPS FRAUD CHARGES

Peter Madoff, brother of incarcerated fraudster Bemad Madoff, is the target of a US criminal investigation by the US Attorney's Office in New York. His lawyer, Charles Spada, has disclosed he is "a subject" of the investigation, but has not yet been charged. Peter Madoff is also being...

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Bibliographic Details
Published inOperational Risk & Regulation Vol. 11; no. 3; p. 6
Format Trade Publication Article
LanguageEnglish
Published London Incisive Media Limited 01.03.2010
Subjects
Charitable foundations
Criminal investigations
Fraud
Litigation
Pyramid operations
Scandals
Securities fraud
United Kingdom > UK
United States > US
Online AccessGet full text
ISSN2045-0672

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Summary:Peter Madoff, brother of incarcerated fraudster Bemad Madoff, is the target of a US criminal investigation by the US Attorney's Office in New York. His lawyer, Charles Spada, has disclosed he is "a subject" of the investigation, but has not yet been charged. Peter Madoff is also being sued by bankruptcy trustee Irving Picard, who alleges he and three other family members working at the firm pocketed $198.7 million in investor cash. Meanwhile, the UK's Serious Fraud Office has dropped charges against Madoff Securities due to insufficient evidence.
ISSN:2045-0672