Peter Madoff Gets 10 Years Over Brother's Ponzi Scheme

He will probably lose all his assets, too

By John Johnson,  Newser Staff

Posted Dec 20, 2012 5:38 PM CST

(Newser) – Bernie Madoff's younger brother got sentenced to 10 years in prison today after admitting to crimes such as falsifying documents and lying to regulators. But Peter Madoff, 67, continued to insist he didn't know about Bernie's massive Ponzi scheme, a claim the judge called "frankly not believable," reports AP. Peter Madoff's plea deal also calls for him to forfeit $143 billion. He doesn't have it, but the New York Times says it's a "clear signal that the government will seize all of his assets and distribute them to victims." Five others face trial next year for their alleged roles in the scheme.

Peter Madoff arrirves at Manhattan federal court for his sentencing Thursday.   (AP Photo/ Louis Lanzano)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
10%
9%
2%
4%
74%
2%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!