Bernard Madoff’s Brother Peter Madoff Under Criminal Investigation

January 29th, 2010 - 8:38 pm ICT by GD  

By Madhuri Dey
Peter MadoffNew York, Jan 29, (THAINDIAN NEWS) Peter Madoff, the chief compliance officer of the Bernard L. Madoff Investment Securities is currently subject to criminal investigation. He is also the brother of Bernard Madoff, and the police have subjected him to investigation in order to determine if he had any connection to the Ponzi scheme of his brother. The news has been confirmed by the United States attorney’s office in Manhattan, New York. However, according to Charles Spada, the attorney of Peter Madoff, his client has decided to invoke the Fifth Amendment Act that enables the convict to sit silent of he feels that his testimony might be used against him.

According to the letter sent by Charles Spada to Judge Madeline Cox Arleo, he has defended the right of Peter Madoff to remain silent, stating that in such circumstances as his, the right can hardly be questioned. He has also mentioned that he was informed of the deposition only a week before it was scheduled to be held. The letter claims that the decision of Peter Madoff cannot be questioned because the trial is on a sensitive issue, and any answer might lead to the wrong assumption that he had been involved in the case of his brother, Bernard Madoff.

The bankruptcy trustee of the company, Irving Picard, claimed that the brothers Bernard Madoff and Peter Madoff had been earning a rather incredible amount of returns in comparison to the investments they had put in. For example, one of the accounts shows an investment of $14 by Peter Madoff that produced a turnover of $16,252,004. Bernard Madoff pleaded guilty to the case in 2008.

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