Thursday, December 20, 2012

Bernie Madoff's Brother Gets 10-Year Prison Term; Peter Pleads Guilty, "Deeply Ashamed" of Conduct

Peter Madoff -- a lawyer who committed several crimes to help his older brother Bernard swindle investors out of billions of dollars in a ponzi scheme -- was sentenced today (December 20, 2012) to 10 years in prison, according to the New York Times website.

Bernard Madoff had pleaded guilty in March 2009 and is serving a prison term of 150 years.

Peter Madoff, 67, told the judge today that he was "deeply ashamed" of his conduct and had "tried to atone by pleading guilty."

Last June, Peter Madoff admitted to committing many crimes, including falsifying documents, lying to securities regulators, and filing sham tax returns.

Prosecutors said that if he had done his job honestly as chief compliance officer at Bernard L. Madoff Investment Securities, regulators would most likely have detected the fraud several years earlier.

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