By Mariano Andrade, New York, Sunday Telegraph – 1 July 2012
PETER Madoff, brother of shamed US financier Bernard Madoff, has pleaded guilty to helping cook the books of the world’s biggest Ponzi scheme, and faces a 10-year jail term.
“Peter Madoff enabled the largest fraud in human history. He will now be jailed well into old age, and he will forfeit virtually every penny he has,” prosecutor Preet Bharara said.
Bernard Madoff, 74, once chairman of the Nasdaq stock exchange, is serving a 150-year sentence at a North Carolina jail where he earns $170 a month for prison work.
He took in some $65 billion by paying out fake “profits” to some investors by plundering the new cash from others.