NEW YORK (AP) — The brother of Ponzi scheme king Bernard Madoff will plead guilty on Friday to conspiracy and falsifying records, admitting his role in the multibillion-dollar fraud that destroyed the savings of thousands of investors, prosecutors told a judge on Wednesday.
Peter Madoff, the former chief compliance officer at the private investment arm of Bernard Madoff's business, has agreed to serve a decade in prison, they said.
Peter Madoff also agreed to the criminal forfeiture of $143 billion, including all of his real estate and personal property. The $143 billion, representing the amount of money believed to have flowed through the business accounts when he was part of the multi-decade Ponzi scheme, is included in a criminal forfeiture agreement, though authorities know that his assets would never approach that figure.
Court papers signed by a federal judge in Manhattan on Wednesday show Peter Madoff, who had worked with his brother since 1965, will plead guilty to two criminal counts, admitting his role in a conspiracy to commit securities fraud, falsify records of an investment adviser, falsify records of a broker dealer, make false filings with the Securities and Exchange Commission, commit mail fraud and obstruct the Internal Revenue service.