Madoff's brother jailed over Ponzi fraud

Peter Madoff will serve 10 years in jail for role in his brother's fraud scheme that stole billions from investors.

    Lawyers have labelled Peter Madoff as a "gatekeeper" who enabled the fraud [AP]
    Lawyers have labelled Peter Madoff as a "gatekeeper" who enabled the fraud [AP]

    Peter Madoff has been sentenced to ten years in prison for doctoring financial books during his brother's multi-billion dollar Ponzi scheme.

    Laura Taylor Swain, US District Court judge, sentenced Madoff on Thursday and ordered the forfeiture of $143.1b which she said would seal his "financial ruination".

    "To take his story at face value, he knew that the business operation was a little bit crooked, and he was content to go along with that," said Swain.

    Madoff pleaded guilty in June to charges of conspiracy to commit securities fraud while serving as the chief compliance officer and senior managing director at his brother's firm.

    He previously denied knowledge of the Ponzi scheme until shortly before his brother was arrested, accepted "full responsibility" for his actions at the hearing.

    "I am deeply ashamed of my conduct," said Madoff.

    He is also accused of transferring millions of dollars to family members and evaded tax.

    Lawyers have labelled him as a "gatekeeper" who enabled the fraud.

    His brother, Bernard Madoff was sentenced to a 150-year jail term in 2009 for running a $65b fraud scheme that cost investors almost $20b.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.