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PONZI SCHEME Madoff’s Brother to Plead Guilty Louis Lanzano

Madoff’s Brother to Plead Guilty

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.

June 27, 2012 9:41 PM