NEW YORK — Peter Madoff will serve 10 years in prison for his role in his older brother’s multibillion-dollar Ponzi scheme, a U.S. judge said on Thursday.
Peter Madoff, 67, pleaded guilty in June to criminal charges including conspiracy to commit securities fraud for falsifying the books and records of the investment advisory company founded by his brother, Bernard Madoff.
I am deeply ashamed of my conduct. I accept full responsibility for my actions
Mr. Madoff, 66, agreed to serve 10 years in prison and forfeit all his assets. But in his guilty plea, he emphasized that at no time was he aware that his brother, Bernard, was orchestrating the largest Ponzi scheme in history.
Today marks the fifth anniversary of the arrest of Bernie Madoff and the day when his decades-long, $60 billion Ponzi scheme finally collapsed. The Madoff trial has long since concluded, and he is currently serving out a 150-year prison sentence. But the effects of his deeds continue to be felt across the country, while the authorities continue to pursue justice for Madoff’s victims. In other words, the story has continued to develop in the years since the public’s attention has shifted away from the Madoff saga.
(Reuters) - Peter Madoff, the brother of Bernard Madoff and former chief compliance officer of the imprisoned swindler's firm, is expected to plead guilty to criminal charges of conspiracy and falsifying records, U.S. prosecutors said on Wednesday. In a letter filed in Manhattan federal court, U.S. Attorney Preet Bharara said Madoff is expected to enter his plea on Friday, and agreed not to seek a sentence other than 10 years in prison. Madoff also agreed to a criminal forfeiture of about $143.1 billion, including all real and personal property, the letter said. ...