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

Norway's sneaky arms exports to Israel
2015-05-06 22:57
It may come as a shock that Norway, the home of the Nobel Peace Prize and the Oslo accords, is funneling weapons to Israel. Palestine is second only to Afghanistan in the amount of aid it receives from the Norwegian government. Last year, Norway’s aid to Palestine totaled nearly $100 million. Palestine solidarity activists stage a die-in outside the Norwegian parliament in ...
TV2 Denmark Documentary on HPV Vaccine Shows Lives of Young Women Ruined
2015-05-06 21:17
TV2 Denmark has done something no mainstream media network in the United States will dare to do: look into the controversial HPV vaccine that many have claimed has ruined the lives of so many young women, and publish an investigative report. In December of 2013 Katie Couric did a show on the HPV Gardasil Vaccine where she dared to interview the ...
Unique historic color video shows Berlin in July 1945
2015-05-06 5:38
New footage has emerged of Berlin in the aftermath of World War II. The video, filmed in July 1945, shows famous landmarks like the Brandenburg Gate and the Reichstag in ruins as ordinary citizens try to go about their everyday lives. The video, shot around two months after the city fell in 1945, shows the utter destruction the German capital underwent ...
Universities Don't Understand Safe Spaces
2015-05-06 1:07
Youtube description: Apparently people don't understand why allowing people to grow up in a perpetual hug box is bad for them. This article's writer does give me some faith in humanity though. Source: youtube.com
#TexasAttack What You Are Not Being Told!
2015-05-06 1:45
A video giving us a clearer picture of what's really going on behind the recent attack in Texas, Garland. Source: youtube.com
More News »