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 completes first drone flight above UK, Mark Zuckerberg confirms
2015-03-28 3:15
Solar powered drones which provide internet access to rural and remote areas have been trialled in UK for first time by Facebook. They “have a wingspan greater than a Boeing 737 but will weigh less than a car”, according to the social network's chief Mark Zuckerberg. The drones, developed by Somerset-based company Ascenta which Facebook bought last March, will beam down laser-guided ...
300 Young English Girls (and a few Boys) Groomed and Assaulted by Oxfordshire "Gangs," Report Finds
2015-03-28 2:04
Editor's note: This story is a few days old now but the echoes of Rotherham just keeps coming. A few weeks ago there was Halifax, now Britain proudly can add Oxfordshire to their line up of diversity success stories. Below is the story from the telegraph: Serious case review finds failings by police and social services as it identifies hundreds of victims A ...
British POW describes the horror of the bombing of Dresden
2015-03-28 0:33
Partial Transcript of Interview with Victor Gregg, WW2 British solder and POW: Interviewer: "Tell us how it was that you were in Dresden at that time." Victor Gregg: "It was evil....thousands of firebombs dropping all over the place, heat, fire, people screaming, people burning, people alight. After about half an hour it started developing into something that was really bad....It was ...
Rape of 285,000 German Women at the End of WWII Trigger Damage Control by Mainstream Media
2015-03-27 20:25
Is Exposing Allied War Crimes an honorable act? No, it’s slandering heroes according to Daily Mail A recent article from the Daily Mail that pretends to look at the post WWII crimes and rapes of the Allies against the German people is actually damage control. It’s really an attempt to divert away from the true horrors that was visited upon Germany ...
Minister of Migration attacked by asylum seeker with fire extinguisher
2015-03-27 2:12
Sweden’s Minister of Justice & Migration also known as Morgan “only 1%” Johansson, has been attacked with a fire extinguisher when he visited an asylum home for future Swedes. Regional newspaper, Kristiandstadsbladet reported that a man who had been living at the home for a couple of weeks grabbed a fire extinguisher and sprayed foam all over the minister who didn’t ...
More News »