RSS
Peter Madoff pleads guilty to Ponzi scheme conspiracy
 

Peter Madoff, the younger brother of imprisonsed Ponzi schemer Bernie Madoff, pleaded guilty to conspiracy Friday in a plea deal with federal investigators for his fraudulent work as chief compliance officer in his brother's company. Bernie is already serving a 150-year sentence for being the architect behind the mega-swindle. Under today's deal, Peter was sentenced to 10 years in prison, and will have to forfeit $143 billion — though that amount is largely symbolic of what could be traced to his involvement in the fraud, and not actually representative of what he'll be able to pay back.

 

THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER

Subscribe to the Week