Madoff`s Brother Resigns From Sec. Group Board

Peter Madoff is a senior managing director at Bernard Madoff Investment Securities.

The brother of Bernard Madoff, a financier accused of a $50 billion fraud, resigned from the board of the Securities Industry and Financial Markets Association, the industry group said on Wednesday.

Peter Madoff is a senior managing director at Bernard Madoff Investment Securities.

Bernard Madoff was placed under house arrest on Wednesday, accused of defrauding hundreds of investors, and faces up to 20 years in prison and a maximum fine of $5 million if convicted.

Bernard Madoff's niece, Shana Madoff, recently resigned from the Securities Industry and Financial Markets Association's compliance legal division. She is a compliance lawyer at Bernard Madoff's firm.