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Prosecutors: Madoff brother to plead guilty in NY

June 28, 2012 • Business


FILE – In this April 3, 2009 file photo, Peter Madoff, brother of Bernard Madoff, attends his court hearing before judge Stephen Bucaria at Mineola State Supreme Court, in Mineola, N.Y. Madoff will plead guilty on Friday, June 29, 2012, to conspiracy and falsifying records, admitting his role in the multibillion-dollar fraud that destroyed the savings of thousands of investors, prosecutors told a judge on Wednesday, June 27, 2012. (AP Photo/Louis Lanzano, Pool, File)

NEW YORK (AP) — The brother of Ponzi scheme king Bernard Madoff will plead guilty on Friday to conspiracy and falsifying records, admitting his role in the multibillion-dollar fraud that destroyed the savings of thousands of investors, prosecutors told a judge on Wednesday.

Peter Madoff, the former chief compliance officer at the private investment arm of Bernard Madoff’s business, has agreed to serve a decade in prison, they said.

Peter Madoff also agreed to the criminal forfeiture of $143 billion, including all of his real estate and personal property. The $143 billion, representing the amount of money believed to have flowed through the business accounts when he was part of the multi-decade Ponzi scheme, is included in a criminal forfeiture agreement, though authorities know that his assets would never approach that figure.

Court papers signed by a federal judge in Manhattan on Wednesday show Peter Madoff, Login to read more

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