'I Thought Bernie Madoff was a Brilliant Trader' - Brother
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Peter Madoff, brother of legendary scoundrel Bernard Madoff, plead guilty to charges that he helped his brother advance a Ponzi scheme that bilked investors out of billions.
"I truly believed that my brother was a brilliant securities trader," Peter Madoff told U.S. District Judge Laura Taylor Swain in Manhattan.
Peter Madoff claims not to have known about the fraud, but prosecutors don’t buy it.
"Peter Madoff played an essential enabling role in the largest investment fraud in U.S. history," FBI Assistant Director Janice Fedarcyk said in a statement. "He made a pretense of compliance. He was really about complicity."
Peter accepted a 10-year prison term and will be sentenced on October 4th. In a largely symbolic ruling, he was also ordered to forfeit $143 million.
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"I truly believed that my brother was a brilliant securities trader," Peter Madoff told U.S. District Judge Laura Taylor Swain in Manhattan.
Peter Madoff claims not to have known about the fraud, but prosecutors don’t buy it.
"Peter Madoff played an essential enabling role in the largest investment fraud in U.S. history," FBI Assistant Director Janice Fedarcyk said in a statement. "He made a pretense of compliance. He was really about complicity."
Peter accepted a 10-year prison term and will be sentenced on October 4th. In a largely symbolic ruling, he was also ordered to forfeit $143 million.
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