Bernard Madoff brother pleads guilty in Ponzi case
2012-06-29 0:00


Bernard Madoff’s younger brother pleaded guilty to criminal charges that he helped advance the multibillion-dollar Ponzi scheme, but denied knowing about the epic, decades-long fraud.

With his guilty plea in Manhattan federal court on Friday, Peter Madoff is the first of Bernard Madoff’s family members to admit criminal wrongdoing at the investment advisory firm.

"I truly believed that my brother was a brilliant securities trader," Peter Madoff told U.S. District Judge Laura Taylor Swain in a courtroom filled to capacity. "At no time did I suspect that my brother had stolen from anyone."

Peter Madoff, 66, had been chief compliance officer at Bernard L. Madoff Investment Securities LLC. He said Friday that he did not know the business was a sham until Bernard Madoff confessed to him in December 2008.

Dressed in a brown suit, Peter Madoff stood at the defense table and read for 15 minutes from typed notes, his voice breaking at times.

"I want to apologize to anyone who was harmed and to my family," Madoff said. He explained that he had always worshipped his brother, and was "shocked" when Bernard revealed that the firm, which had been the envy of Wall Street, had been a massive hoax all along.

Peter Madoff will be sentenced on October 4, and has agreed to accept a 10-year prison term. He was also ordered to forfeit a symbolic $143.1 billion and was released on a $5 million bond.

Bernard Madoff, 74, is serving a 150-year prison term and was ordered to forfeit $170.8 billion.

More to come?

About a dozen people have been charged in connection with Madoff’s Ponzi scheme. Manhattan U.S. Attorney Preet Bharara in a statement suggested that prosecutors may not be finished.

"Peter Madoff enabled the largest fraud in human history," Bharara said. "He will now be jailed well into old age, and he will forfeit virtually every penny he has. We are not yet finished calling to account everyone responsible for the epic fraud of Bernard Madoff and the epic pain of his many victims."

Read the rest of the article: here

Related Articles

Latest News from our Front Page

The Pilgrims Were Definitely Not Like Modern-Day Refugees
2015-11-27 20:01
This upcoming Thanksgiving Day is sure to offer you and your family plenty of opportunities to argue over whether America should be welcoming Syrian refugees. If you have any liberal relatives or friends coming over for your Thursday feast, they’re going to relish the chance to tell everyone that the Pilgrims were refugees too — and hope that statement decimates all ...
ISIS to France: "We will be coming. Victory has been promised to us by Allah"
2015-11-26 3:33
Homegrown French ISIS fighters have issued a chilling threat of new attacks on France just 24 hours after the terrorist group used movie footage of the Eiffel Tower's collapse in another video.  A balaclava-clad militant is seen warning 'we will be coming, we will come to crush your country' in footage posted on Twitter earlier today. It is unclear where the film ...
ISIS teenage 'poster girl' Samra Kesinovic 'beaten to death' as she tried to flee the group
2015-11-26 1:07
She appeared in social media images for the group carrying a Kalashnikov and surrounded by armed men A teenage girl who ran away from her Vienna home to join Isis in Syria has reportedly been beaten to death by the group after trying to escape. Samra Kesinovic, 17, travelled to Syria last year with her friend Sabina Selimovic, 15. The two became a ...
The Right Stuff's flagship podcast "The Daily Shoah" has been censored by Soundcloud
2015-11-25 22:56
Editor's note: The PC corporate moral police strike again. Just as Radio 3Fourteen & Red Ice Radio were censored from iTunes, The Daily Shoah was pulled from Soundcloud today. As per usual, there is a double standard, they allow any kind of anti-White material: No counter culture humor making fun of the genocidal mainstream garbage is allowed! ... From: Soundcloud took it upon ...
Merkel Welcomes A Million More: Vows To Stand By Refugee Policy Despite Security Fears
2015-11-25 21:05
Chancellor Angela Merkel vowed on Wednesday to stick to her open-door refugee policy, defying criticism at home and abroad which has intensified due to growing fears about a potential security risk after the Islamist attacks in Paris. Conservative Merkel faces splits in her right-left coalition and pressure from EU states, including France, over her insistence that Germany can cope with up ...
More News »