Peter Madoff Pleads Guilty To Ponzi Scheme, Will Serve 10 Years
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.