June 30, 2012
Peter Madoff Agrees to 10-Year Prison Term and Forfeiture of Assets
Peter Madoff pleaded guilty on Friday to a variety of charges, although he denied that he knew of Bernard's Ponzi scheme. He admitted that he cheated on his taxes, put his wife on the payroll for a $100,000 no-show job, and submitted false filings to regulators. He agreed to serve 10 years in prison and forfeit all of his assets.
Manwhile, the SEC brought civil charges, charging Peter with committing fraud, making false statements to regulators, and falsifying books and records in order to create the false appearance of a functioning compliance program over Madoff’s fraudulent investment advisory operations.
Also, according to the SEC’s complaint, Bernie Madoff realized in late 2008 that his decades-long scheme was on the verge of collapse. He told Peter Madoff that he could not pay billions of dollars of investor redemption requests and wanted to distribute remaining investor money to family, friends, and favored employees before the scheme collapsed. Peter Madoff then helped choose which family, friends and employees to pay, and rushed to withdraw $200,000 from BMIS’s bank account for himself before the fraud’s final downfall.
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