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Peter Madoff, Bernie Madoff's brother, to plead guilty

Peter Madoff, Bernie Madoff's brother, will plead guilty and serve 10 years in prison and surrender $143 billion in property.

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(Antler)

Peter Madoff, the brother of convicted Ponzi schemer Bernie Madoff, is scheduled to plead guilty to two federal charges on July 29, according to Bloomberg.

Madoff will admit to one count of conspiracy to commit securities fraud and one count of falsifying records, said Bloomberg.

Madoff was the former chief compliance officer at the private investment branch of Bernie Madoff's business, reported the Associated Press.

More on GlobalPost: Prosecutors seek five years' jail for rogue trader Jerome Kerviel

Madoff will forfeit $143 billion, including all of his real and personal property, said the AP. He has also agreed to serve 10 years in prison.

Bernie Madoff, 74, is already serving a 150-year prison sentence after he admitted in 2009 to running a giant Ponzi scheme, according to Reuters.

More on GlobalPost: Stanford sentenced to 110 years for $7 billion fraud

The Madoff Ponzi scheme involved thousands of investors being cheated out of roughly $20 billion over many years, according to the AP.

Recently, former Texas tycoon R. Allen Stanford was sentenced to 110 years for a $7 billion Ponzi scheme.

http://www.globalpost.com/dispatch/news/regions/americas/united-states/120627/peter-madoff-bernie-madoffs-brother-plead-guilty