Madoff’s Brother To Plead Guilty

PONZI SCHEME

Updated Apr. 21, 2017 4:39PM EDT / Published Jun. 27, 2012 9:41PM EDT

Louis Lanzano

Bernie Madoff’s younger brother, Peter, is expected to plead guilty to conspiracy to to commit securities fraud and falsifying records. He will be the first Madoff to admit any wrongdoing after Bernie’s Ponzi scheme drained the life savings and pension accounts of hundreds of people. Peter, who is 66 and is expected to serve 10 years, was the firm’s compliance officer. He will also forfeit about $143.1 billion, which is the amount of money that passed through his brother’s company while he was involved.

Read it at The Wall Street Journal

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Madoff’s Brother To Plead Guilty

Louis Lanzano