Turns out, Bernie Madoff’s brother Peter Madoff had a hand in the multibillion dollar Ponzi scheme too. What a surprise.
Peter Madoff reached a deal with prosecutors and will plead guilty on Friday to two charges: falsifying the records of an investment adviser and conspiracy to commit securities fraud and other crimes, reports Newser . Peter will serve 10 years in prison for his troubles. Peter Madoff formerly was the senior managing director of Madoffs’ investment firm, also responsible as a compliance officer for the hedge fund, which was exposed as a Ponzi scheme in 2009. It unraveled shortly thereafter.
Peter Madoff has also agreed to the criminal forfeiture of approximately $143.1 billion, “including all of his real and personal property,” according to a letter prosecutors filed in Manhattan Federal Court, notes NY Daily .
Peter Madoff’s guilty plea stemming from his involvement in a $65 billion scam is the the first admission of wrongdoing by a family member in the highly corrupt investment business that ended up being “just one big lie,” according to the Wall Street Journal . The collapse of Bernie Madoff’s Ponzi scheme destroyed the savings of hundreds of investors, caused massive losses among funds and banks worldwide, and started a criminal investigation that has ended with guilty pleas by seven individuals involved, including Bernie Madoff himself.
Bernard Madoff is currently serving a 150-year sentence.