Madoff Brother to Plead Guilty in Fraud Case
The brother of Ponzi scheme king Bernard Madoff is scheduled to plead guilty in New York this week in the criminal case resulting from the multibillion-dollar fraud.
Peter Madoff is the former chief compliance officer at the private investment arm of Bernard Madoff's business.
Court papers signed by a federal judge in Manhattan on Wednesday show Peter Madoff will plead guilty on Friday. Madoff also agreed to the criminal forfeiture of $143.1 billion, including all of his real estate and personal property.
Madoff agrees to serve 10 years in prison.
His attorney has declined to comment.
Bernard Madoff pleaded guilty to fraud and is serving a 150-year prison sentence in Butner, N.C.
(Copyright 2012 by The Associated Press. All Rights Reserved.)