Peter Madoff allowed to spend 10K a month despite lawsuit

MINEOLA, N.Y. -- Bernard Madoff's brother Peter will be allowed to spend $10,000 a month for living expenses under an agreement 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. That order came in a civil lawsuit filed by Andrew Ross Samuels, who says Madoff took $478,000 of his trust fund and invested it in his brother Bernard's Ponzi scheme.

On Friday, the judge approved the agreement giving Peter Madoff access to some money.

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Peter Madoff was an executive at Bernard Madoff Investment Securities. He has not been charged with any crime. Bernard Madoff is awaiting sentencing after pleading guilty to charges that he fleeced investors of billions of dollars.