Connect to share and comment

Peter Madoff to serve 10 years in prison for involvement in Ponzi scheme

A US court sentenced Bernie Madoff's brother, Peter, to 10 years in prisonfor his involvement in the Ponzi scheme.

Peter madoff 2012 06 29Enlarge
Peter Madoff, brother of the infamous financial criminal Bernard Madoff, is driven out of Jacob K. Javits Federal Building after being taken in to custody by the FBI on June 29, 2012 in New York City. (Andrew Burton/Getty Images)

Peter Madoff, Bernie Madoff's brother, will serve 10 years in prison for his role in his brother's multibillion-dollar ponzi scheme, a US judge ruled on Thursday.

Peter Madoff, 67, pleaded guilty in June to criminal charges including conspiracy to commit securities fraud for falsifying the book and records of the investment advisory company founded by his brother, Bernard, Reuters reported.

Peter agreed then to not oppose a request for a maximum 10-year prison sentence and agreed to an order by US District Judge Laura Taylor Swain that would require him to forfeit a symbolic $143 billion in assets. He must report to prison by Feb. 6 at 2 p.m. and has also been sentenced to one year probation after his release, Bloomberg reported. 

"I am deeply ashamed of my conduct," Peter Madoff said during the sentence. "I accept full responsibilities for my actions."

Peter Madoff insists that he first heard of the Ponzi scheme 36 hours before his brother's arrest.   

Bernie Madoff is currently serving a prison term of 150 years. He too pleaded guilt to the Ponzi scheme last march.

Peter Madoff received 63 character references during the hearing, unlike his brother, who did not receive one single supportive letter.

According to The New York Times, a handful of victims attended the hearing, including two who spoke about the financial and psychologically hardships they are enduring. 

http://www.globalpost.com/dispatch/news/regions/americas/united-states/121221/peter-madoff-serve-10-years-prison-involvement-p