Madoff's Brother to Plead Guilty, Get 10 Years

Peter Madoff was a top exec at Bernie's fraudulent hedge fund

By Dustin Lushing,  Newser Staff

Posted Jun 27, 2012 5:03 PM CDT

(Newser) – Bernie Madoff's brother is heading to prison for 10 years. Peter Madoff made an agreement with prosecutors and will plead guilty on Friday to two charges: falsifying the records of an investment adviser and conspiracy to commit securities fraud and other crimes, reports the Wall Street Journal. Peter served as the chief compliance officer and senior managing director at his brother's hedge fund, which was exposed as a gigantic Ponzi scheme as it unraveled in 2009. Brother Bernie is serving a 150-year sentence.

Peter Madoff at a court hearing in 2009.
Peter Madoff at a court hearing in 2009.   (AP Photo/ Louis Lanzano, POOL)
Peter Madoff at a court hearing in 2009.
Peter Madoff at a court hearing in 2009.   (AP Photo/Louis Lanzano, Pool, File)
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