Madoff Brother Pleads Guilty to Securities Fraud

Peter Madoff has pleaded guilty to a number of securities fraud charges relating to the historic investment fraud scheme led by his brother, convicted criminal Bernard Madoff.

Peter Madoff had initially been charged with conspiracy to commit securities fraud, conspiracy to falsify records of an investment advisor, conspiracy to falsify statements, and mail fraud. Rather than dispute the charges, he pled guilty to them last week in a Manhattan federal court.

"Peter Madoff enabled the largest fraud in human history," U.S. Attorney Preet Bharara said in a prepared statement, according to Marketwatch. "He will now be jailed well into old age, and he will forfeit virtually every penny he has."

Peter Madoff, worked as the Madoff firm’s chief compliance officer and senior managing director. For his role in the Madoff Ponzi scheme, The Wall Street Journal reports that he has agreed to a sentence of 10 years in prison and will forfeit approximately $143 billion.

If you or a loved one has fallen victim to a deceptive Ponzi scheme or securities fraud operation, there may be legal options available to you. For legal help, call (800) 581-6358.

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