Peter Madoff Part Of Criminal Probe

02-01-2010 | Source: emii.com

Peter Madoff is part of a U.S. criminal investigation in relation to a lawsuit over losses by the Lautenberg Foundation, Financial Times reports. The charity, which invested in Bernard Madoff’s Ponzi scheme, has sued Peter Madoff and is seeking a deposition that took place in November. At the deposition, Peter Madoff invoked his Fifth Amendment right.

Irving Picard, the trustee charged with recovering losses from the billion-dollar Ponzi scheme, is also suing Peter Madoff, who was chief compliance officer at his brother’s firm. The U.S. Attorney’s office of the Southern District of New York is carrying out an “active and wide ranging” investigation, which includes Peter Madoff, according to his lawyer, Charles Spada.

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