Tuesday, September 30, 2014

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Madoff Brother Takes Plea Deal In Ponzi Scheme

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TWC News: Madoff Brother Takes Plea Deal In Ponzi Scheme
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The brother of disgraced financier Bernie Madoff pled guilty Friday to charges stemming from his involvement in the high profile Ponzi scheme.

Peter Madoff was taken by FBI agents to the federal court house earlier in the morning after being arrested at his lawyer's office.

His plea deal calls for a 10 year prison term and a guilty plea on charges of conspiracy and falsifying records.

He once worked as the chief compliance office for Bernie Madoff's fraudulent investment business.

The plea includes a requirement for Peter Madoff to relinquish his property and pay $143 billion in a criminal forfeiture.

In a statement, an FBI official says Peter Madoff was one of the chief architects of the Madoff empire, adding, "Peter Madoff played an essential enabling role in the largest investment fraud in U.S. history. He made a pretense of compliance; he was really about complicity."

The 66-year-old was the chief compliance officer at the Madoff investment business.

He is the first relative of Bernie Madoff to admit involvement in the scheme.

On Friday, Peter Madoff told a Manhattan federal court that he's sorry and deeply ashamed of his role in the multi-billion dollar Ponzi scheme.

He said he didn't know about the scheme until 2008.

Sentencing is scheduled for October 4.

Bernie Madoff is currently serving a 150-year sentence after he admitted to cheating thousands of people out of billions of dollars.

He has insisted he carried out the fraud alone.

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