Peter Madoff to Serve 10 Years in Jail


This past June, Peter Madoff, the brother of Bernie Madoff, plead guilty to allegations of conspiracy to commit securities fraud and falsifying books. He was sentenced December 20th to 10 years in prison. The charges referred to his part of the

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Ponzi scheme for which Bernie was sentenced 150 years in prison after causing an estimated net loss of $20 billion for investors. The prosecution said that Peter created false documents as the chief compliance officer for the Madoff investment fund where he worked with his brother for over 40 years. They also alleged that Peter transferred money under false pretenses within the family to parties including his wife to avoid paying taxes on the money.

The defense claimed that the money was investments from Peter’s family that he encouraged because of his confidence in his brother’s abilities as a securities trader. The ten-year sentence was given to Mr. Madoff as part of a plea-arrangement with the prosecutors in June. Additionally, the sentence eliminates his access to assets, savings accounts, both his home and personal property, and any future assests and income he might earn.

Source courtesy of BBC. Image courtesy of ABC News.