June 28, 2012
Peter Madoff Expected to Plead Guilty Today
Peter Madoff, brother of Bernard, will plead guilty to criminal charges and accept a prison term of 10 years today. He has agreed to forfeit $143 billion. The plea does not involve any admission that Peter knew about the illegal Ponzi scheme, but confirms allegations that he was a sham compiance officer who exercised no effective oversight over the firm's operations.
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