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

Facebook looks to reduce white share of staff
2015-07-02 3:52
Facebook CEO Mark Zuckerberg has voiced a desire to transform the demographics of Facebook's employee base to better echo the company's billion-plus international users. However, Facebook's most recent diversity report revealed that white men continue to have a claim on positions at Facebook. The online social networking service claims that diversity is central to the company's mission, observing &"Our work is producing ...
New DOJ Statistics on Race and Violent Crime
2015-07-02 2:36
Numbers finally include Hispanics as an offender category. Heather Mac Donald of the Manhattan Institute has just published a table of statistics on race and violent crime that she received from the Department of Justice. For the first time in figures of this kind, DOJ has treated Hispanics as a separate category rather than lumping them in with whites. These data cover all ...
Fanning the Flames of Another Black Church Arson Hoax
2015-07-02 0:57
America is still reeling from the horrific Charleston, S.C., massacre at Emanuel African Methodist Episcopal Church that claimed the lives of nine innocent people. The last thing the community and our country need are hysterical journalists compounding the pain with inflammatory reporting on an unsubstantiated “epidemic” of black church arsons. On Monday, a Baltimore Sun lead editorial decried “a series of mysterious ...
Cold War Redux: Do you want to fight in World War Three?
2015-07-02 0:04
The rhetoric coming of Washington is pushing us dangerously close to a world changing scenario. In the following episode of CrossTalk, Peter Lavelle discusses the way Russia and Putin are being framed by Western governments and mainstream media with guests including Chris Hedges. The dangers of ignoring historical context when reporting ‘news’ is examined, along with the pure ‘imperial hubris’ of ...
Survey Says: 35 Percent of Americans Would Expatriate
2015-07-02 0:14
 As the Fourth of July weekend looms and Americans prep their grills and ready their fireworks, some citizens are packing their bags. A recent online poll of more than 2,000 adults by TransferWise, a peer-to-peer money transfer service based in the United Kingdom, revealed that 35 percent of American-born residents and emigrants would considering leaving the United States to live in ...
More News »