Reuters: U.S.: Bernard Madoff's brother to plead guilty, U.S. says

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Bernard Madoff's brother to plead guilty, U.S. says Jun 27th 2012, 21:36 Wed Jun 27, 2012 5:03pm EDT (Reuters) - Peter Madoff, the brother of Bernard Madoff and former chief compliance officer of the imprisoned swindler's firm, is expected to plead guilty to criminal charges of conspiracy and falsifying records, U.S. prosecutors said on Wednesday. In a letter filed in Manhattan federal court, U.S. Attorney Preet Bharara said Madoff is expected to enter his plea on Friday, and agreed not to seek a sentence other than 10 years in prison. Madoff also agreed to a criminal forfeiture of about $143.1 billion, including all real and personal property, the letter said. John Wing, a lawyer for Madoff, did not immediately respond to a request for comment. The conspiracy charge accuses Madoff of conspiring to commit securities fraud and mail fraud, make false statements about the compliance program and investment advisory business of Bernard L. Madoff Investment Securities LLC, make false regulatory filings, and obstruct the Internal Revenue Service. The second charge accuses Madoff of falsifying records of an investment adviser. Bernard Madoff, 74, is serving a 150-year prison sentence after admitting in 2009 to running a giant Ponzi scheme. He had also been ordered to forfeit $170.8 billion, more than twice the size of his estimated fraud. The case is U.S. v. O'Hara et al, U.S. District Court, Southern District of New York, No. 10-cr-00228. (Reporting by Basil Katz in New York and Jonathan Stempel in Washington; Editing by Gary Hill and Richard Chang) Link this Share this Digg this Email Reprints

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