Brother of Bernie Madoff Gets 10 Years in Prison

By Jack Phillips On December 20, 2012 @ 9:50 pm In National News | No Comments

Peter Madoff arrives at U.S. District Court in Manhattan on Dec. 20, 2012, in New York City. Madoff was sentenced to 10 years in prison for crimes he committed in connection with his brother’s case. (Spencer Platt/Getty Images)

Peter Madoff arrives at U.S. District Court in Manhattan on Dec. 20, 2012, in New York City. Madoff was sentenced to 10 years in prison for crimes he committed in connection with his brother’s case. (Spencer Platt/Getty Images)

The brother of jailed Ponzi schemer Bernard Madoff was sentenced to 10 years in prison for crimes he committed in connection with his brother’s case.

Peter Madoff, 67, was convicted of falsifying records and the books of an investment adviser and of conspiracy, reported The Associated Press. He pleaded guilty in June of this year.

“I am deeply ashamed of my conduct and have tried to atone by pleading guilty and have agreed to forfeit all of my present and future assets,” he said, according to AP.

However, Madoff said that he had no idea that his brother was running a gigantic Ponzi scheme worth billions.

“My family was torn apart as a result of my brother’s atrocious conduct,” he said. “I was reviled by strangers as well as friends who assumed that I knew about the Ponzi scheme.”

Madoff had to forfeit more than $10 million in cash, his Ferrari, and all of his personal assets, reported The New York Times.

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