Peter Madoff, Bernie Madoff's brother, to plead guilty in connection with Ponzi scheme

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Peter Madoff
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Posted: 06/27/2012

By: LARRY NEUMEISTER Associated Press

NEW YORK (AP) -- The brother of Ponzi scheme king Bernard Madoff is scheduled to plead guilty in New York in the criminal case resulting from the multibillion-dollar fraud.

   Peter Madoff is the former chief compliance officer at the private investment arm of Bernard Madoff's business.

   Court papers signed by a federal judge in Manhattan on Wednesday show Peter Madoff will plead guilty. Madoff also agreed to the criminal forfeiture of $143.1 billion, including all of his real and personal property.

   Madoff agrees to serve 10 years in prison.

   The court papers say he'll plead guilty to conspiracy to commit securities fraud and other offenses including falsifying records.

   His attorney hasn't returned an email seeking comment.

   Bernard Madoff pleaded guilty to fraud and is locked up in prison in Butner, N.C.