Peter Madoff, the brother of convicted Ponzi schemer Bernie Madoff, is expected to enter a guilty plea Friday in Manhattan Federal Court.
Madoff, 66, was taken into custody by the FBI at his lawyer’s Manhattan office around 7 a.m., authorities said.
He’s expected to plead guilty to one count of conspiracy to commit securities fraud and one count of falsifying records of an investment adviser. The government told a judge that he has agreed to serve 10 years in prison and relinquish his fortune.
It was three years ago to the day that Bernie Madoff was sentenced to 150 years in prison for swindling billions of dollars from thousands of investors.
In his 2009 guilty plea, Bernie Madoff maintained that his brother had nothing to do with it and for more than three years, his brother stuck to the script.
“Peter Madoff is not Bernard Madoff” is how Peter Madoff’s lawyers put it when defending him against harsh accusations leveled by a trustee appointed to recover stolen assets.
Details of how the multimillionaire decided to agree to a plea deal haven’t been made public. His lawyer hasn’t commented on it.
The FBI has been suspicious from the start about a man who had worked side by side with his notorious brother for more than 40 years.
Peter Madoff was the chief compliance officer at the private investment arm of his brother’s business.