Peter Madoff may be joining his older brother Bernie Madoff in prison.
The younger Madoff is expected to plead guilty Friday to his role in his brother's Ponzi scheme that defrauded his security company's investors of roughly $17 billion. Bernard Madoff pleaded guilty to 11 felony counts in March 2009, and is currently serving a 150-year prison sentence in North Carolina.
According to Manhattan federal court papers obtained by the CBS News and Reuters, Peter Madoff, the former chief compliance officer of Bernard L. Madoff Investment Securities LLC, is scheduled to plead guilty to charges of conspiracy and falsifying records, and has agreed to forfeit a fanciful sum of $143.1 billion worth of personal property, according to the U.S. attorneys letter to the judge. (No individual on the planet is worth even half that much.)
According to the New York Times, Madoff has also agreed to a prison term of 10 years.
According to CBS News, investigators have so far recouped more than $9 billion swindled in the fraud, which will be returned to Madoff's victims.