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| Peter Madoff pleads guilty over links to Ponzi fraud | Peter Madoff pleads guilty over links to Ponzi fraud |
| (4 days later) | |
| The brother of convicted Ponzi scheme swindler Bernard Madoff has pleaded guilty at a court in Manhattan, New York, to charges relating to the $65bn (£41bn) dollar fraud. | The brother of convicted Ponzi scheme swindler Bernard Madoff has pleaded guilty at a court in Manhattan, New York, to charges relating to the $65bn (£41bn) dollar fraud. |
| Peter Madoff, 66, admitted conspiracy and falsifying financial records and has accepted a 10-year jail term. | Peter Madoff, 66, admitted conspiracy and falsifying financial records and has accepted a 10-year jail term. |
| Bernard Madoff's Ponzi scheme, which operated from the early 1990s, stole savings from thousands of investors. | Bernard Madoff's Ponzi scheme, which operated from the early 1990s, stole savings from thousands of investors. |
| He is serving a 150-year jail sentence after being convicted in 2009. | He is serving a 150-year jail sentence after being convicted in 2009. |
| The FBI took Peter Madoff into custody at his lawyer's office in New York earlier on Friday. | The FBI took Peter Madoff into custody at his lawyer's office in New York earlier on Friday. |
| 'Epic pain' | 'Epic pain' |
| Madoff told the judge he was "deeply ashamed and terribly sorry", but also said he had not known about the scandal until December 2008, when his brother admitted to it. | Madoff told the judge he was "deeply ashamed and terribly sorry", but also said he had not known about the scandal until December 2008, when his brother admitted to it. |
| When he discovered the scam "I was in shock and my world was destroyed. I lost everything I worked for," Madoff said. | When he discovered the scam "I was in shock and my world was destroyed. I lost everything I worked for," Madoff said. |
| The elder Madoff, now 74, has repeatedly denied that his brother had any involvement in the scheme, which saw some $20bn of investments disappear and a balance sheet of $65bn revealed to be a sham. | |
| His "investment fund" was once thought to be the biggest hedge fund in the world. | His "investment fund" was once thought to be the biggest hedge fund in the world. |
| But Peter Madoff told the court on Friday that he had helped his brother send what remained of the money to a selected group of people that included some friends and relatives. | But Peter Madoff told the court on Friday that he had helped his brother send what remained of the money to a selected group of people that included some friends and relatives. |
| "I was shocked and devastated but nevertheless I did as my brother had said, as I had consistently done for decades," Madoff said. "I knew that the conduct was wrong and I am deeply ashamed." | "I was shocked and devastated but nevertheless I did as my brother had said, as I had consistently done for decades," Madoff said. "I knew that the conduct was wrong and I am deeply ashamed." |
| The money was never sent out. | The money was never sent out. |
| Prosecutors also told the court that sometimes Madoff would sign weeks of compliance reports in a single sitting, changing pens and ink colours to give the impression they had been signed at different times. | Prosecutors also told the court that sometimes Madoff would sign weeks of compliance reports in a single sitting, changing pens and ink colours to give the impression they had been signed at different times. |
| "Peter Madoff played an essential enabling role in the largest investment fraud in US history. He made a pretence of compliance; he was really about complicity," FBI Assistant Director Janice Fedarcyk said in a statement. | "Peter Madoff played an essential enabling role in the largest investment fraud in US history. He made a pretence of compliance; he was really about complicity," FBI Assistant Director Janice Fedarcyk said in a statement. |
| "The Madoff investment empire, built on a foundation of deceit, was a house of cards that grew to skyscraper proportions. | "The Madoff investment empire, built on a foundation of deceit, was a house of cards that grew to skyscraper proportions. |
| "As Peter Madoff has admitted today, he was one of the chief architects," she added. | "As Peter Madoff has admitted today, he was one of the chief architects," she added. |
| Meanwhile, US Attorney Preet Bharara said: "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. | Meanwhile, US Attorney Preet Bharara said: "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. |
| "We are not yet finished calling to account everyone responsible for the epic fraud of Bernard Madoff and the epic pain of his many victims." | "We are not yet finished calling to account everyone responsible for the epic fraud of Bernard Madoff and the epic pain of his many victims." |
| Madoff has been released on $5m bail, secured by $1m in cash or property. He is scheduled to be sentenced on 4 October. | Madoff has been released on $5m bail, secured by $1m in cash or property. He is scheduled to be sentenced on 4 October. |
| Prosecutors have also said Madoff has agreed to surrender all his assets. | Prosecutors have also said Madoff has agreed to surrender all his assets. |