Madoff’s Brother to Plead Guilty

    FILE - In this April 3, 2009 file photo, Peter Madoff, brother of Bernard Madoff, attends his court hearing before judge Stephen Bucaria at Mineola State Supreme Court, in Mineola, N.Y.  Madoff will plead guilty on Friday, June 29, 2012, to conspiracy and falsifying records, admitting his role in the multibillion-dollar fraud that destroyed the savings of thousands of investors, prosecutors told a judge on Wednesday, June 27, 2012. (AP Photo/Louis Lanzano, Pool, File)

    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