Bernard Madoff’s Brother Expected to Plead Guilty to Criminal Charges

[WSJ Law Blog]

The brother of convicted Ponzi scheme operator Bernard Madoff will plead guilty to criminal charges Friday, marking the first time a family member has admitted guilt since the massive fraud came to light three-and-a-half years ago. Peter Madoff, who worked as the Madoff firm's chief compliance officer and senior managing director, is expected to plead guilty to two charges at a hearing Friday, including falsifying the records of an investment adviser and conspiracy to commit securities fraud and other crimes. As part of an agreement with prosecutors, Peter Madoff has agreed to a sentence of 10 years in prison, prosecutors said in a letter to U.S. District Judge Laura Taylor Swain, which was filed on Wednesday. He also has agreed to forfeit about $143.1 billion, prosecutors said. A lawyer for Peter Madoff didn’t immediately return a phone call seeking comment. Bernard Madoff admitted in March 2009 to carrying out a decades-long fraud scheme and is serving a 150-year prison sentence. Peter Mad Off

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