Bernie Madoff's brother pleads guilty to fraud charges
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UPDATED 12:15 p.m. ET: Peter Madoff, the brother of convicted scammer Bernie Madoff, pleaded guilty Friday to doctoring records to hide the Ponzi scheme orchestrated by his older sibling that swindled thousands of people out of billions of dollars and stunned the world in the throes of the financial crisis.
"I am deeply ashamed of my actions," he told a hearing in downtown Manhattan federal court on Friday morning, several hours after he was taken into custody by FBI agents at his lawyer's office in midtown Manhattan.
"I want to apologize to anyone who was harmed and my family. I'm here to take responsibility for my actions," Peter Madof
Peter Madoff, 66, had been arrested earlier Friday at his lawyer's office in midtown Manhattan and had been expected to enter the guilty plea for which he's expected to get 10 years in prison. He entered the plea in the same courthouse where his brother, 74, was convicted and sentenced in March 2009 to 150 years in prison for the largest Ponzi scheme ever.
"Peter Madoff enabled the largest fraud in human history. He will now be jailed well into old age, and he will forfeit virtually every penny he has. We are not yet finished calling to account everyone responsible for the epic fraud of Bernard Madoff and the epic pain of his many victims," said Manhattan U.S. Attorney Preet Bharara in a statement.
