Bloomberg reports that Peter Madoff pleaded guilty in June in federal court in Manhattan to helping his brother pull off the biggest Ponzi scheme in U.S. history, though Peter denied knowing the business was a sham until the firm collapsed. As part of his plea agreement, Madoff agreed not to seek a sentence other than the 10-year term, prosecutors said.
'The government submits that a sentence of 10 years is reasonable and appropriate in this case', assistant U.S. attorneys Lisa Baroni and Julian Moore said yesterday in a memo to the judge who will sentence Madoff.
Peter Madoff, who served as the chief compliance officer of Bernard L. Madoff Investment Securities LLC, helped his brother run the firm for four decades. Peter Madoff is scheduled to be sentenced December 20th by U.S. District Judge Laura Taylor Swain.
Prosecutors said Madoff, who trained as a lawyer, repeatedly lied and violated the trust investors put in the firm and also made false statements to regulators and auditors. The government said his crimes began in about 1996 and continued until December 2008 when the firm collapsed, which the U.S. said was the only reason his crimes stopped.
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