Newspaper article International Herald Tribune

Brother of Madoff Agrees to 10-Year Term

Newspaper article International Herald Tribune

Brother of Madoff Agrees to 10-Year Term

Article excerpt

Peter B. Madoff pleaded guilty to criminal actions that enabled his brother, Bernard L. Madoff, to carry out the largest Ponzi scheme in history.

In a carefully orchestrated action, Peter B. Madoff was arrested at his lawyer's office Friday before being taken to U.S. District Court here, where he pleaded guilty to criminal actions that enabled his brother, Bernard L. Madoff, to carry out the largest Ponzi scheme in history.

While Mr. Madoff acknowledged wrongdoing in court, he said at the hearing that he did not know of his brother's fraud, which wiped out about $65 billion in paper wealth.

The formal charges against Mr. Madoff, 66, included falsifying documents, filing false tax returns and lying to regulators. Prosecutors said that from 1998 to 2009, Mr. Madoff, who served as the senior legal and compliance officer for his brother's firm, received $40 million from the firm, on which he did not pay taxes. He avoided government detection by disguising those payments as loans or backdated stock trades, according to prosecutors. …

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