Time to join big brother!
Peter Madoff Arrested, Expected To Plead Guilty To Ponzi Scheme Conspiracy
The younger brother of Bernard Madoff, who became an icon for financial crime after the economy collapsed in 2008, is poised to plead guilty to criminal charges and take his place in history alongside the sibling with whom he shared an office for decades.
Peter Madoff, 66, was taken into custody at his lawyer’s Manhattan office around 7 a.m. EDT Friday, according to FBI spokesman J. Peter Donald. The procedure was a prelude to a court appearance scheduled a few hours later.
The plea was to take place at same Manhattan courthouse where his now 74-year-old brother was taken away in handcuffs after he was condemned to 150 years in prison in 2009 for cheating thousands of people of billions of dollars. They are the only Madoff family members to face criminal charges.
The proceeding in which Madoff is agreeing to serve 10 years in prison and surrender his assets will let investigators show what they have learned about the largest Ponzi scheme ever prosecuted in U.S. history since Bernard Madoff revealed in December 2008 that his investment business was a sham.
The government has used the cooperation of six former employees and associates of the Bernard L. Madoff Investment Securities LLC to learn what went on inside the secretive business that caused close to $20 billion to vanish, leaving only a few hundred million dollars where bogus financial statements claimed there was $65 billion.
The plea by Peter Madoff to conspiracy and falsifying records charges links him again to his notorious brother, reviving a relationship in which he kept firmly behind the scenes as Bernard Madoff provided the face of the investment firm that attracted rich and famous clients with too-good-to-be-true returns.
Glad to see that justice is still being doled out to those responsible.
Image via AP