Bernard Madoff brother pleads guilty in Ponzi case
2012 06 29

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

Roswell, UFOs and Project Pandora
2014 07 23
Well, now, this is interesting. In fact, it’s very interesting. Over at the Department of Defense’s website you can find a file that has been declassified via the Freedom of Information Act on the subject of Project Pandora (which, to a significant degree, was focused on Cold War secrets, and how microwaves can affect the mind and body). It’s a fascinating ...
Men of Europe, Put Down the Eckhart Tolle Book and Pick up Your Sword
2014 07 23
Remember who you really are... The New Age Tactical Spiritual Military Industrial Complex supports murder and genocide. What is happening in Gaza today will eventually take place in London, Dublin, New York, Lisbon, Barcelona, Oslo, Glasgow, Melbourne, Stockholm, Auckland and Cape Town and wherever you are reading this article. Notice is being served upon all humanity. Not just the people of ...
Study Challenges Hypothesis that Birds Evolved from Dinosaurs
2014 07 23
The re-examination of Scansoriopteryx – a sparrow-sized, pre-Archaeopteryx, bird-like creature that lived in what is today China during the Jurassic period, about 154 million years ago – challenges the widely accepted hypothesis that birds are derived from land-dwelling dinosaurs that gained the ability to fly. Unearthed in Inner Mongolia in 2002, Scansoriopteryx was previously classified as a theropod dinosaur, from which ...
Israeli Professor: Rape Hamas Militants’ Mothers and Sisters to Deter Terrorist Attacks
2014 07 23
An Israeli academic has claimed that raping wives and mothers of Palestinian Hamas militants is the only thing that could deter further terrorist attacks. The remarks by renowned Middle East scholar Mordechai Kedar of Bar-Ilan University were made three weeks ago after the grim discovery of the bodies of the three kidnapped Israeli teenagers, but the recording was published online (in ...
’Mysterious plane’ with no callsign spotted circling London for two hours
2014 07 23
Scotland Yard has declined to comment on reports of a mysterious eavesdropping spyplane circling London. A radar tracking website showed an aircraft orbiting London at 10,000 feet for more than two hours. The plane had no recognisable callsign but was identified as a twin-engine Cessna F406 with the registration G-BVJT. The aircraft has been linked in the past to a shadowy fleet of ...
More News »