Ponzi scheme king Bernard Madoff’s brother is scheduled to plead guilty in New York in the criminal case resulting from a multibillion-dollar fraud. Peter Madoff will not be pleading guilty to his brother’s ponzi scheme, but will instead plead guilty to one count of conspiracy to commit securities fraud and a federal count of falsifying records of an investment adviser when he appears in Manhattan federal court on Friday before U.S. District Judge Laura Swain.
According to a plea agreement letter submitted by U.S. Attorney Preet Bharara, Peter Madoff “agrees to the criminal forfeiture of approximately $143.1 billion, including all of his real and personal property.” The billion dollar figure represents all the money handled by Bernard Madoff’s business dating back to when Peter, who was the firm’s compliance officer, engaged in a conspiracy that will be reportedly detailed on Friday. Peter Madoff is expected to serve 10 years in prison.
