Bernie Madoff’s brother sentenced to 10 years for fraud
NEW YORK (JTA) — Peter Madoff was sentenced to 10 years in prison for fraud in connection with the Ponzi scheme orchestrated by his brother Bernard Madoff. Madoff, 67, pleaded guilty in June to a range of crimes, including falsifying documents and tax returns and lying to regulators. His brother is currently serving a 150-year prison sentence for defrauding investors of tens of billions of dollars in the largest financial fraud conviction in U.S. history.
Peter Madoff denied knowing anything his brother’s activities until just before his brother’s arrest, a claim Federal Judge Laura Taylor Swain called “frankly, not believable,” according to reports.
“I am deeply ashamed of my conduct and have tried to atone by pleading guilty and forfeiting all my assets,” Madoff told the court. “I am here to accept my punishment from this court.”
Madoff recieved the maximum penalty allowed for his crimes, including a year of probation following his release and the forfeiture of all his assets up to $143.1 billion. He will report to a federal prison in Otisville, N.Y. on Feb. 6, after Swain granted his request to attend his daughter’s bat-mitzvah in January.