Peter Madoff will be allowed to spend $10,000 a month for living expenses under an agreement reached Friday between attorneys in a lawsuit accusing him of swindling a college student.
Peter Madoff was in the courtroom on Long Island to appeal a judge's order last week freezing his assets. The order came in a civil lawsuit filed by Andrew Ross Samuels, who claims Madoff took $478,000 of his trust fund and invested it in his brother's Ponzi scheme.
Peter Madoff was an executive at Bernard L. Madoff Investment Securities. He has not been charged with any criminal wrongdoing. Bernard Madoff is awaiting sentencing after pleading guilty to charges that he fleeced investors of billions of dollars.