A Brooklyn Law School student, who says his trust fund was thrown away in the Bernard Madoff mega-Ponzi scheme, yesterday got a judge to freeze the assets of Madoff’s brother.
Peter Madoff, who had been trustee of law student Andrew Ross Samuels’ now-destroyed $480,000 trust fund, is barred from selling any property or withdrawing any money at least until after an April 3 hearing in state Supreme Court in Nassau County.
Peter Madoff “knew or should have known” his brother’s Manhattan investment firm was a fraud when he placed Samuels’ fund with the firm, said Steven Schlesinger, Samuels’ lawyer.
“It’s good to see we’re making progress towards getting the money,” said Samuels, who said he wanted to use the funds to get started with his career.
Samuels’ father, Howard, accused Peter Madoff of being “either incompetent or in cahoots [with his brother.]”
Peter Madoff was the compliance officer and senior managing director of his brother’s firm.
Samuels, 22, is a Dix Hills, LI, resident and grandson of the late Martin Joel, a professional investor and longtime friend of Bernard Madoff, who gave the eulogy at Joel’s funeral. Joel set up Samuels’ trust fund — with Peter Madoff as a trustee — before his 2003 death.
“This is a breach of trust with people who knew him and loved him, ” Howard Samuels said. A lawyer for Peter did not return a call seeking comment.