Peter Madoff, Bernard Madoff's younger brother, pleads guilty in Ponzi scheme
Peter Madoff
Photographer: AP Graphics Bank
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Posted: 06/29/2012
NEW YORK (AP) -- Bernard Madoff's younger brother has pleaded guilty to charges he doctored records to cover up the disgraced financier's Ponzi scheme.
Peter Madoff entered the plea Friday in federal court in Manhattan.
The 66-year-old Peter Madoff was the former chief compliance officer at his brother's investment firm. Court papers charge him with concealing the epic fraud by signing off on regulatory documents claiming the business was legitimate.
His older brother is serving a 150-year prison term.
Bernard Madoff had insisted that his brother and two sons who worked for him were in the dark about his misdeeds.
Peter Madoff says he is "deeply ashamed and terribly sorry." But he also says he didn't know about the scam until 2008.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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