From AP, via USA Today:
NEW YORK – The brother of Ponzi scheme king Bernard Madoff will plead guilty on Friday to conspiracy and falsifying records, admitting his role in the multibillion-dollar fraud that destroyed the savings of thousands of investors, prosecutors told a judge on Wednesday.
Peter Madoff, the former chief compliance officer at the private investment arm of Bernard Madoff's business, has agreed to serve a decade in prison, they said.
Peter Madoff also agreed to the criminal forfeiture of $143 billion, including all of his real estate and personal property. The $143 billion, representing the amount of money believed to have flowed through the business accounts when he was part of the multi-decade Ponzi scheme, is included in a criminal forfeiture agreement, though authorities know that his assets would never approach that figure.
http://www.usatoday.com/...
(bolding by diarist)
Peter Madoff will plead guilty to two criminal counts stemming from conspiracy to commit securities fraud, falsifying an investment adviser's records, falsifying a broker's records, making false filings with the SEC, mail fraud and obstructing the IRS.
Just waiting now for his nephew and sister-in-law to go to prison, too.
This is more good news for President Obama, who appears to be aggressively pursuing the most blatant malefactors on Wall Street.