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

From: reuters.com

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

"Too many white people" in Pittsburgh says government official
2015-07-31 2:14
According to Abby Wilson, the deputy director of the Department of Health’s Bureau of Public Policy and Community Relations in Allegheny County, there are too many White people in Pittsburgh. She left Pittsburgh to work in South Africa and then study in the Netherlands, but now that she’s back, she wants to change it. “My two main gripes (about Pittsburgh) are: too ...
Judge blocks group from releasing more Planned Parenthood videos
2015-07-31 2:35
The pro-life group behind a series of undercover Planned Parenthood videos accused the bioservice firm StemExpress late Wednesday of trying to “cover up this illegal baby parts trade” after the company obtained a court order blocking the release of footage. The Los Angeles Superior Court issued a temporary injunction Tuesday stopping the Center for Medical Progress from releasing any video showing ...
US Fish & Wildlife Service Investigating Killing Of Cecil The Lion
2015-07-31 2:18
The U.S. Fish and Wildlife Service announced that the agency is investigating the killing of Cecil the Lion, saying it will “go where facts lead.” The agency made the announcement via Twitter Thursday. Also Thursday, the Eden Prairie Police Department said that, while they will be stepping up neighborhood monitoring, they will not be providing personal protection for the dentist who killed ...
Dispute over bounced check caused brutal Hollywood shotgun killing: Cops
2015-07-31 2:40
Carrie Melvin, an aspiring Hollywood production assistant, was strolling with her boyfriend not far from Sunset Boulevard on the evening of July 5 when someone murdered her with a shotgun. Police have now arrested a suspect, Ezeoma Obioha, 31, and say his motivation was likely a dispute over a bounced check worth just a few hundred dollars. A Los Angeles ...
California Drought Could Wipe Cities Off Map If Their Water Runs Out
2015-07-31 2:28
The epicenter of California’s drought crisis is in the Central Valley, where there are growing fears the drought could wipe entire towns off of the map. Wells are going dry, jobs are harder to come by and families are already moving, either to different states or even Mexico in search of work. Before visiting Tulare County, a place where wells have gone ...
More News »