Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Bernie Madoff’s brother jailed over Ponzi

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter