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View the article online at http://citywire.co.uk/wealth-manager/article/a647209

Bernie Madoff’s brother jailed over Ponzi

by Daniel Grote on Dec 21, 2012 at 08:18

Bernie Madoff’s brother jailed over Ponzi

Peter Madoff has been sentenced to 10 years in jail for this part in brother Bernard Madoff’s $20 billion (£12 billion) Ponzi scheme.

US district court judge Laura Swain yesterday approved a 10-year sentence for charges including conspiracy to commit securities fraud by falsifying the book and records of the Madoff investment company.

Peter Madoff had agreed in June not to oppose the request by prosecutors for a maximum 10-year prison sentence. He has also been ordered to forfeit a symbolic $143.1 billion.

‘I am deeply ashamed of my conduct,’ he said at the sentencing. ‘I accept full responsibility for my actions.’

Bernard Madoff was sentenced in 2009 to a 150-year prison term and ordered to forfeit $170.8 billion.

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