Peter Madoff, the brother of Ponzi schemer Bernard Madoff, is expected to plead guilty to criminal charges of conspiracy and falsifying records in connection to the multibillion-dollar fraud unveiled in December 2008, according to court papers released Wednesday. He will become the first Madoff family member to admit to criminal charges connected to the Ponzi scheme that cheated thousands of investors of roughly $20 billion. Peter Madoff, who was the former chief compliance officer at the private investment arm of Bernard Madoff's business, also agreed to the criminal forfeiture of all his real and personal property, and will serve 10 years in prison. Bernard Madoff is currently serving a 150-year prison sentence for his crimes.
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