Madoff brother to plead guilty in NY in fraud
posted Jun 28 2012 6:50AM
NEW YORK (AP) - Plans for the brother of jailed financier Bernard Madoff to plead guilty and serve 10 years in prison are raising new questions about the status of the investigation into the epic multibillion dollar fraud and whether other family members remain under criminal investigation.
U.S. prosecutors notified a judge and victims Wednesday that Peter Madoff will plead guilty Friday to conspiracy and falsifying records charges more than three years after his brother began serving a 150-year sentence for creating the fraudulent multibillion dollar private investment business.
Bernard Madoff claimed that he acted alone in enticing thousands of investors over several decades to join what became the largest Ponzi scheme ever prosecuted in U.S. history.
Peter Madoff was the former chief compliance officer at the private investment arm of Bernard Madoff's business.