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Friday 8 December 2023 Dublin: 9°C
Louis Lanzano/AP Peter Madoff exits Manhattan federal court after receiving a 10 year sentence for his participation in the largest Ponzi scheme in history.
Peter Paid-off

Brother of Bernie Madoff gets 10 years for role in Ponzi scheme

Peter Madoff is jailed after a plea bargain with prosecutors, for helping to falsify his brother’s corporate accounts.

A NEW YORK JUDGE has sentenced Peter Madoff, the brother of convicted fraudster Bernard Madoff, to ten years in jail for conspiracy and falsifying financial accounts related to his brother’s infamous Ponzi scheme.

A judge ruled that Madoff had been “frankly, not believable” when he claimed he was as surprised as anyone to learn about his brother’s scheme which had blown $20 billion of investors’ money.

10 years was the maximum sentence allowed by the charges to which Madoff had pled guilty, as part of a plea bargain struck earlier this year with prosecutors.

Madoff spoke only briefly, saying: “I am deeply ashamed of my conduct and have tried to atone by pleading guilty and have agreed to forfeit all of my present and future assets.”

He added: “I am profoundly sorry that my failures let many people down, including my loved ones.”

Assistant US Attorney Lisa Baroni said it would have been easy for Peter Madoff to blow the whistle on his brother’s fraud.

Instead, she said, he even conspired with Bernard to distribute the remaining $300 million in the company’s accounts to family, friends and favoured clients before the FBI intervened by arresting his brother.

One of Madoff’s victims had told the court he believed it was “physically impossible for a single person to carry out such a gargantuan task all by himself.”

There was discontent in the courtroom, however, when it was announced that Madoff’s prison term would not begin until February 6 – purportedly to allow Madoff to attend his granddaughter’s Bat Mitzvah next month.

Bernard ‘Bernie’ Madoff, 74, is serving a 150-year sentence.

Additional reporting by AP

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