New York: Peter Madoff, brother of Ponzi scheme king Bernard Madoff, is to plead guilty in New York in the criminal case resulting from the multibillion-dollar fraud and agreed to the criminal forfeiture of $143.1 billion, including all of his real and personal property.
Peter, a former chief compliance officer at the private investment arm of Bernard Madoff’s business, agrees to serve 10 years in prison, AP reported.
The court papers say he’ll plead guilty to conspiracy to commit securities fraud and other offenses including falsifying records. No statement has been made yet from his attorney.
Bernard Madoff pleaded guilty to fraud and is locked up in prison in Butner, N.C., the news agency said.