Peter Madoff arrested for securities fraud
By The Week Staff | June 29, 2012
P
eter Madoff, the younger brother of imprisoned Ponzi schemer Bernie Madoff, was arrested in New York City on Friday. The younger Madoff, 66, is expected to plead guilty to securities fraud for his role in the scheme for which his brother is already serving 150 years in jail. Peter worked for Bernie Madoff Securities as chief compliance officer for nearly 40 years. He has agreed to forfeit $143.1 billion, an amount that is symbolic because it is not necessarily an amount he can pay, but rather the amount that can be traced to his fraud.
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