News of the Bernie Madoff scheme couldn’t have come at a worse time. It was a time when it became evident to the general public that much of the US economy was a scheme itself. Those who had invested with Madoff were weathering the storm until everything disappeared overnight. Now, a year and a half later, the pieces to the puzzle are still being put together. Peter Madoff is a big piece of that puzzle. When billions of dollars are involved and the brother is the chief compliance officer, there are going to be connections.

The probe of Peter Madoff began when The Lautenberg Foundation filed a lawsuit against him. The Lautenberg Foundation was one of many charities to lose millions of dollars in the fraud. In court, Peter Madoff has pleaded the fifth hundreds of times, avoiding any questions directed at him. This being the case, the Lautenberg Foundation has requested a quick summary judgment.

Irving Picard, a trustee who has been trying to recoup losses from the Madoff fraud, has also sued Peter Madoff. So far, Mr. Picard has been relatively successful in his endeavors. The total money lost from the ponzi scheme was 21.2 billion. Mr. Picard has managed to recover 1.5 billion of it for investors.