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Wed Jun 27, 2012, 09:22 PM

Prosecutors: Madoff brother to plead guilty in NY



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.

http://enews.earthlink.net/article/top?guid=20120627/5ad5b3bb-f2c2-47ab-989f-eef50eb12273

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