Peter Madoff will plead guilty on Friday to conspiracy and falsifying records in connection with his older brother’s infamous Ponzi scheme, according to a court filing from Manhattan U.S. Attorney Preet Bharara.
Peter, the former chief compliance officer at Bernard L. Madoff Investment Securities LLC, “agrees not to seek a sentence other than 10 years’ imprisonment,” Bharara said in a letter to Judge Laura Taylor Swain.
Peter, 66, has also agreed to forfeit all his assets and personal property, Bharara said.
Among other things, Peter Madoff is accused of lying to clients, falsifying investment records and obstructing the IRS. His lawyer didn’t immediately respond to a request for comment.
Earlier this week, hedge fund manager J. Ezra Merkin, who lost more than $1 billion of his investors’ money to Madoff’s firm, agreed to pay his clients more than $400 million in compensation.
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2 Responses
I guess yeshiva university is back in biz
Interestly coincidental, I read that Zalman Nechemia Goldberg has said that those who were enriched by Madoff’s ponzi scheme, must give back their earnings as it is considered to be shutafim with a gonoff…
Hope this doesn’t apply to too many frum yidden.