Peter Madoff Admits Aiding Brother’s Ponzi Scheme

Madoff Mini-Me

Peter Madoff pleaded guilty Friday to enabling his brother Bernard Madoff to pull off the biggest Ponzi scheme in U.S. history - though Bernie's brother denied knowing the business was a sham until the firm collapsed.

The chief compliance officer of Bernard L. Madoff Investment Securities LLC, or BLMIS, who helped his brother run the firm for four decades, Peter Madoff pleaded guilty yesterday in Manhattan federal court to one count of conspiracy to commit securities fraud and one count of falsifying records. The plea came three years to the day after his brother was sentenced to 150 years in prison.

Madoff, 66, told the court he had no knowledge of his brother’s scheme until Dec. 9, 2008, the night Bernard Madoff confessed to him that the investment business was a sham. Bernard Madoff would be arrested and confess to authorities two days later, on Dec. 11, 2008.

'When my brother told me about his fraud, I was in shock and my world was destroyed', Peter Madoff said in court during his plea. 'I lost my reputation and any future ability to support my family financially. My family was torn apart as a result of my brother’s atrocious conduct, and I became reviled by strangers as well as former friends who assumed that I had known about the Ponzi scheme'.

Hit the link below to access the complete Bloomberg article:

Peter Madoff Admits Aiding Brother’s Ponzi Scheme

 

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