Bernie Madoff’s Brother Arrested
Peter Madoff pleaded guilty in court Friday.
| Posted Friday, June 29, 2012, at 4:08 PM
Photo by Andrew Burton/Getty Images.
UPDATE: Peter Madoff entered a plea Friday for doctoring documents and helping to conceal a fraud that ultimately wiped out thousands of investors. He faces a likely 10 years in prison, the Associated Press reports.
The plea came in the same Manhattan courthouse where his brother, Bernie, was led away in handcuffs. They had worked together for 40 years, their offices only a few feet apart.
Bond is set at $5 million with cash or property.
Friday, June 29, 10:46 a.m.: Peter Madoff, the younger brother of the Ponzi scheme architect Bernie Madoff, was arrested at his lawyer’s Manhattan office Friday morning for his role in the fraudulent investment scheme, the Los Angeles Times reports.
Madoff was taken to FBI offices and is expected to plead guilty in federal court to a count of conspiracy to commit securities fraud and another of falsifying records, according to prosecutors. He has agreed not to ask for fewer than 10 years in prison. He'll also forfeit $143.1 billion to the government. This figure, a calculation of funds that passed through the firm during the fraud, will include all of Madoff’s real and personal property.
Peter Madoff, 66, began working at the Manhattan-based firm in 1965.
The court date comes three years to the day after his brother was sentenced to 150 years in jail in 2009. Bernard Madoff claimed at the time of his surrender that he acted alone, saying his brother, sons, and wife were deceived.
As Reuters notes, prosecutors have not said if they're preparing cases against Madoff's son Andrew (the former co-director of trading), or his neice, Shana (a compliance officer). Peter, Andrew, Shana, and the estate of Madoff's late son, Mark, are being sued by Irving Picard, the trustee seeking money for Madoff's victims.
