Stocks

Peter Madoff to plead guilty: Prosecutor

PTI New York | Updated on November 23, 2017

Mr Peter Madoff, the brother of shamed financier, Mr Bernard Madoff, will plead guilty to two charges of fraud and will face a 10-year jail term, US federal prosecutors said.

The US Attorney, Mr Preet Bharara, said yesterday that Mr Peter Madoff, who was the senior managing director for his brother’s investment scheme, will plead guilty on Friday in a Manhattan court to securities fraud, false declarations and falsifying documents.

“Pursuant to a plea agreement with the government, Mr Peter Madoff agrees not to seek a sentence other than 10 years of imprisonment,” Mr Bharara said in a letter sent to judge, Ms Laura Swain.

He also agreed to hand over property and belongings worth $143.1 billion.

Mr Bernard Madoff, a charismatic mogul and once chairman of the Nasdaq stock exchange, fooled charities, major banks, Hollywood moguls and savvy financial players into investing in his massive Ponzi investment scheme.

He took in some $65 billion from thousands of clients over decades, building a reputation as a shrewd investment manager by paying out fake “profits” to some investors by plundering the new cash from others.

But his pyramid scheme collapsed in 2008, wiping out numerous family fortunes. He was arrested in December that year, and pleaded guilty in 2009. He is currently serving 150 years of jail term.

Published on June 28, 2012

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

null
This article is closed for comments.
Please Email the Editor