Madoff brother pleads guilty
Peter Madoff, brother of shamed US financier Bernard Madoff, has pleaded guilty to helping cook the books of the world’s biggest ever Ponzi scheme and accepted a 10-year prison term.
“I apologise to the people I hurt and to my family,” Madoff, 66, told a packed Manhattan courtroom after confessing to tax fraud and falsifying documents on behalf of his brother, who is already behind bars.
Madoff pleaded guilty on two counts of conspiracy to commit securities fraud and falsifying investment records.
“Peter Madoff enabled the largest fraud in human history. He will now be jailed well into old age, and he will forfeit virtually every penny he has,” said prosecutor Preet Bharara.
Madoff broke down when he apologised and said he was initially shocked and horrified by his brother’s fraud.
