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Thu Dec 20, 2012, 07:00 PM

Peter Madoff jailed for role in Ponzi fraud

Source: Reuters

Peter Madoff jailed for role in Ponzi fraud

Reuters in New York
The Guardian, Thursday 20 December 2012 23.20 GMT

Peter Madoff will serve 10 years in prison for his role in his older brother's multibillion-dollar Ponzi fraud scheme, a US judge said on Thursday.

Peter Madoff, 67, pleaded guilty in June to criminal charges including conspiracy to commit securities fraud for falsifying the books and records of the investment advisory company founded by his brother, Bernard Madoff.

He agreed at the time not to oppose a request by prosecutors for a maximum 10-year prison sentence and agreed to an order requiring him to forfeit a symbolic $143.1bn. US district court judge Laura Taylor Swain approved the sentence on Thursday.

"I am deeply ashamed of my conduct," Peter Madoff said at the sentencing. "I accept full responsibility for my actions."

-snip-


Read more: http://www.guardian.co.uk/business/2012/dec/20/peter-madoff-jailed-ponzi-fraud

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Reply Peter Madoff jailed for role in Ponzi fraud (Original post)
Eugene Dec 2012 OP
Sherman A1 Dec 2012 #1
exboyfil Dec 2012 #2
Iggy Dec 2012 #3

Response to Eugene (Original post)

Thu Dec 20, 2012, 07:07 PM

1. Great!

It would be better if they paid back the money they stole from people.

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Response to Eugene (Original post)

Thu Dec 20, 2012, 07:14 PM

2. They are in jail for stealing from the rich

Not so for those who stole from the poor and middle class or the government.

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Response to Eugene (Original post)

Thu Dec 20, 2012, 07:45 PM

3. BRAVO!!!!

 

It only took the pathetic SEC twenty years to catch these crooks...

FAIL.

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