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.
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
NEW YORK: Be it legendary investor Warren Buffett or the infamous ponzi operator Bernie Madoff, both have become examples in court proceedings of a $350-million lawsuit seeking attachment of the crisis-ridden Indian group Sahara's two prized hotel assets here. Sahara, on its part, has told court that it has been wrongly dragged into the dispute between two entities over "a potential business relationship gone sour".
Five years ago Sunday, Bernie Madoff was sentenced to 150 years in prison for running the biggest fraudulent scheme in U.S. history. Even now, only a few of his victims have since regained all of their losses.
By Bernard Vaughan NEW YORK (Reuters) - A federal prosecutor urged jurors on Wednesday to use their common sense to find five former employees of Bernard Madoff guilty of helping him carry out a massive fraud on his investors. "For more than 30 years, Bernard Madoff ran a multibillion- dollar fraud that turned out to be the biggest Ponzi scheme in history," Assistant U.S. Attorney Matthew Schwartz said. ...