News Column

Madoff's Brother Arrested, Plea Deal

June 29, 2012

Peter Madoff was arrested in New York Friday hours before he was expected to plead guilty for his role in his brother Bernard's Ponzi scheme, officials said.

The New York Times said Peter Madoff, 66, reached a deal with federal procecutors earlier this week to enter a guilty plea to charges of falsifying documents, filing false tax returns and lying to regulators in exchange for a 10-year prison term.

He also agreed to forfeit $143 million, which was believed to exceed all of his assets, the Times said.

Peter Madoff reportedly did not admit knowledge about or any participation in his brother's $65 billion Ponzi scheme.

Bernard Madoff, 74, began serving a 150-year sentence at a federal prison in North Carolina in 2009 and has said he acted alone.

Peter Madoff, a securities lawyer, held numerous positions in Bernard L. Madoff Investment Securities, ranging from chief compliance office to general counsel. He was a salaried employee for the family run firm and never became a partner.

He was expected to become the eighth of 13 defendents to plead guilty in the case later Friday.

Source: Copyright United Press International 2012

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