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Wednesday, June 27, 2012

Peter Madoff plead guilty in connection with massive Ponzi scheme

Peter Madoff

The brother of Ponzi scheme king Bernard Madoff is scheduled to plead guilty in New York in the criminal case resulting from the multibillion-dollar fraud, court papers say.

Peter Madoff is the former chief compliance officer at the private investment arm of Bernard Madoff's business.

Court papers signed by a federal judge in Manhattan on Wednesday show Peter Madoff will plead guilty to conspiracy to commit securities fraud and other offenses including falsifying records.

Madoff also agreed to the criminal forfeiture of $143 billion, including all of his real and personal property.

Madoff agrees to serve 10 years in prison. His attorney didn't immediately return an email seeking comment Wednesday.

Bernard Madoff is serving a 150-year prison sentence in Butner, N.C., after revealing in December 2008 that he cheated thousands of investors of roughly $20 billion for years, using money from new investors to pay returns to existing clients.

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