Posted Jun 27, 2012 09:15 pm CDT
Peter Madoff, an attorney who served as chief compliance officer for his brother’s now-infamous securities firm, has reportedly agreed to take a plea in a criminal case related to Bernard Madoff’s record-breaking Ponzi scheme.
Prosecutors said Peter Madoff will be charged and plead guilty on Friday in federal court in Manhattan to falsifying records and conspiracy to commit securities fraud, according to the Associated Press and Reuters.
The government has agreed to seek a 10-year prison term, and Peter Madoff has agreed to a $143 billion forfeiture, including all of his real and personal property (although the total value will not reach $143 billion).
ABAJournal.com: “Where Was Compliance, as Madoff Allegedly Lost $50B?”
ABAJournal.com: “Peter Madoff Asset Freeze Amended; Spending Limited to $10K Per Month”
ABAJournal.com: “Trustee Sues Madoff Kin for $199M, Says ‘Family Piggy Bank’ Broke Fiduciary Duty”