PONZI

Madoff Brother’s Funds Targeted

It’s restitution time: Peter Madoff, Bernie’s younger brother, could be forced to pay back the Ponzi schemer’s victims. The New York Post reports Peter is being investigated by the bankruptcy trustee liquidating Bernie’s securities firm, for which he was chief compliance officer. The investigation will focus on funds transferred from the firm to Peter as a possible site of compensation for his brother’s financial fraud victims. But there might not be enough to go around—a lawyer for the trustee overseeing the restitution warned a law student who is suing Peter for the $480,000 he invested and lost with him that the trustee could go after the law student’s potential winnings and use it to pay off the victims instead. What a family.