Peter Madoff jailed for role in Ponzi fraud

[Eugene]

Source: Reuters

Peter Madoff jailed for role in Ponzi fraud

Reuters in New York
The Guardian, Thursday 20 December 2012 23.20 GMT

Peter Madoff will serve 10 years in prison for his role in his older brother's multibillion-dollar Ponzi fraud scheme, a US judge said on Thursday.

Peter Madoff, 67, pleaded guilty in June to criminal charges including conspiracy to commit securities fraud for falsifying the books and records of the investment advisory company founded by his brother, Bernard Madoff.

He agreed at the time not to oppose a request by prosecutors for a maximum 10-year prison sentence and agreed to an order requiring him to forfeit a symbolic $143.1bn. US district court judge Laura Taylor Swain approved the sentence on Thursday.

"I am deeply ashamed of my conduct," Peter Madoff said at the sentencing. "I accept full responsibility for my actions."

[font size=1]-snip-[/font]

Read more: http://www.guardian.co.uk/business/2012/dec/20/peter-madoff-jailed-ponzi-fraud

[Sherman A1]

1. Great!

It would be better if they paid back the money they stole from people.

[exboyfil]

2. They are in jail for stealing from the rich

Not so for those who stole from the poor and middle class or the government.

[Iggy]

3. BRAVO!!!!

It only took the pathetic SEC twenty years to catch these crooks...

FAIL.