Bernard Madoff's brother Peter finally pleaded guilty Friday to conspiracy to commit a single count of securities fraud and another of falsifying records.
Peter Madoff, 65, faces a 10-year sentence in federal prison under terms of a deal accepted by U.S. District Court Judge Laura Swain in Manhattan.
The younger Madoff also agreed to forfeit as much as $143 billion, including all of his property as part of his plea. He'd long denied any knowledge in the enormous Ponzi scheme perpetrated by his brother Bernard Madoff, 74, before the collapse of Bernard L. Madoff Investment Securities in 2008. The elder Madoff is serving a 150-year prison term.
Preet Bharara, the U.S. Attorney for the Southern District of New York, said the younger Madoff enabled the largest fraud in human history. He will now be jailed well into old age and he will forfeit every penny he has.
Shana Madoff Swanson, a daughter who worked at the company, as general counsel is also a likely target. A son, Roger, who'd been a reporter for Bloomberg News before joining the firm, died in 2006. Nephew Mark Madoff committed suicide in 2010. Another nephew, Andrew, who's denied any criminal activity, has also not been charged,