Tag: Bernie Madofff

Bernie Madoff's Brother Agrees to Guilty Plea and Ten Year Sentence

Peter Madoff will plead guilty Friday in federal court to charges based on his role as a compliance officer for Bernie Madoff's firm. While the charges will include "falsifying documents, lying to regulators and filing false tax returns", the Times says he is essentially agreeing he was an "enabler."

Peter Madoff has agreed to a prison term of 10 years, prosecutors said in a letter filed with the court on Wednesday. As part of his plea deal, he has agreed to forfeit $143 billion, a staggering penalty that he is not likely to be able to pay.

...The guilty plea does not amount to an admission that Peter Madoff knew about or participated in his brother’s Ponzi scheme. Rather, it confirms the government’s allegations that Peter Madoff served as a sham compliance officer who exercised little if any legal oversight over the firm’s operations, effectively enabling his brother’s crimes.

The Trustee in the Madoff case says he will be distributing more than $8 billion to victims this week, bringing the total distributed to $9 billion, out of $18 billion sought to be recovered.

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