'Ponzi king' Bernard Madoff's brother sentenced to 10 years for USD 20 bln fraud
The brother of imprisoned financier Bernard Madoff has been sentenced to 10 years in prison for crimes committed with his notorious sibling.
The judge who passed the decision said that she disbelieved his claims that he did not know about the epic fraud.
Peter Madoff, 67, had agreed when he pleaded guilty in June to serve the maximum sentence for under charges of conspiracy and falsifying the books and records of an investment adviser.
According to ABC News, he will be in prison with his 74-year-old brother, who is serving a 150-year sentence after admitting he created a fraud so large decades ago that thousands of people lost 20 billion dollars.
U.S. District Judge Laura Taylor Swain urged Peter Madoff, of Old Westbury, to tell the truth even now.
The judge said Peter Madoff was 'frankly not believable' when he claimed at his plea that he only learned of the fraud when his brother revealed it to him just before he surrendered to authorities, the report said.
"I am deeply ashamed of my conduct and have tried to atone by pleading guilty and have agreed to forfeit all of my present and future assets," Peter Madoff spoke briefly on Thursday and less emotionally than in June, said.
"I am profoundly sorry that my failures let many people down, including my loved ones," he added.
According to the report, two investors, among 40 who wrote victim impact statements, spoke during the proceeding, each describing the financial ruins of their extended family.
Investor Michael T. De Vita, 62, also called for truth, saying he believed "it to be physically impossible for a single person to carry out such a gargantuan task all by himself."
The judge said that the magnitude of the damage done by the Madoffs cannot be underestimated.
"Trust in financial institutions, thousands of individual lives and numerous charitable organizations have been blown apart," she said.