Peter Madoff, brother of Bernard Madoff is set to plead guilty in Ponzi scheme
Bernard Madoff’s younger brother, Peter Madoff, is to plead guilty in federal court in Manhattan.
According to FBI spokesman J. Peter Donald, Madoff was taken into custody around 7 a.m. from his lawyer’s office. Madoff has scheduled to make a plea to conspiracy and falsifying records. Little is known publicly about the case against Madoff, but court documents indicate misleading investors and falsifying security records.
It has been reported that a Madoff will serve 10 years in prison and surrender his assets. According to L.A. Times, Madoff will be forfeiting about $143 billion in real estate and personal property.
The government worked with six former employees of Bernard L. Madoff Investment Securities LLC, to learn of the secretive business deal and fraudulent money management that caused $20 billion to disappear, along with bogus financial statements claiming there was $65 billion.
Back in 2008 Peter Madoff’s brother, Bernard Madoff, pled guilty to the largest Ponzi scheme executed in history—now his brother Peter will join him in the record books. The recession had investors pulling out their money leading the Ponzi scheme to collapse, and Madoff surrendered to the FBI.
Bernard Madoff is now serving 150-years in federal prison.
Bernard Madoff claimed to work alone, suggesting none of his loved ones were aware of the scheme.
“How do you excuse lying to your brother and two sons, who spent their whole adult life helping to build a successful and respectful business? How do you excuse lying and deceiving a wife who stood by you for 50 years, and still stands by you?” Madoff said.