Apr 18, 2009 10:27 am US/Eastern
NY Man Sues Broker Over $10M Madoff Loss
NEW YORK (AP) ―
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Bernard L. Madoff leaves Federal Court Jan. 14, 2009, after a hearing regarding his bail in New York.
Timothy A. Clary/AFP/Getty Images
A Manhattan doctor has sued his broker, saying he should have protected him from losing $10 million with Bernard Madoff.
Dr. Martin Schulman filed the lawsuit Friday in federal court in Manhattan. It sought to recover $9.6 million lost to Madoff through a Far Hills, N.J., broker, Alvin Delaire.
Schulman's lawsuit said Delaire boasted of his special access to Madoff but did not use his insider status to detect the fraud.
A message for comment left with Delaire was not immediately returned. Madoff awaits a June sentencing after pleading guilty to fraud charges.
Also Friday, the government agreed to delay an indictment against Madoff's longtime accountant David Friehling and continue talks with him. Friehling is facing fraud charges.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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