Tags: Madoff | brother | guilty | jail

Madoff Brother Headed to Jail for Role in Ponzi Scheme

By Patrick Hobin   |   Thursday, 28 Jun 2012 09:17 AM

Bernard Madoff’s younger brother Peter will plead guilty to conspiracy in the Ponzi scheme that got Bernard locked up for life
 
Peter Madoff, 66, will plead guilty to securities fraud, mail fraud, making false filings to securities regulators, obstructing the IRS and falsifying records of an investment adviser. He has agreed “not to seek a sentence other than 10 years’ imprisonment,” according to a letter filed on Wednesday by Manhattan federal prosecutors, the New York Post reported.

Peter served as his brother’s “chief compliance officer” in the firm and has agreed “to the criminal forfeiture of approximately $143.1 billion, including all of his real and personal property,” according to the Post.
 
Bernard Madoff, currently locked up in a medium-security federal prison in Butner, N.C., insisted for years that he alone pulled off the scheme. The older Madoff, 74, was given a 150-year prison term and a $171 billion forfeiture after admitting that his exclusive investment firm was a scam.
 
According to the Post, Madoff bankruptcy trustee Irving Picard said Peter Madoff “failed miserably” to ensure his brother’s firm complied with the law.
 




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