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Madoff's younger brother sentenced to 10 years for role in fraud

Published on Dec 21, 2012 9:01 AM
 
This June 29, 2012 file photo shows Peter Madoff (centre), the younger brother of convicted Ponzi scheme mastermind Bernard Madoff, leaving Federal Court in New York. Madoff, 67, pleaded guilty in June to criminal charges, including conspiracy to commit securities fraud, for falsifying the books and records of the investment advisory company founded by his brother. -- PHOTO: AFP

NEW YORK (REUTERS) - The younger brother of Bernard Madoff will serve 10 years in prison for his role in his brother's Ponzi scheme that stole billions of dollars from investors, a US judge said on Thursday.

Peter Madoff, 67, pleaded guilty in June to criminal charges, including conspiracy to commit securities fraud, for falsifying the books and records of the investment advisory company founded by his brother.

US District Court Judge Laura Taylor Swain adopted prosecutors' recommendations and sentenced Madoff to 10 years in prison. She also ordered him to forfeit what she called a"draconian" US$143.1 billion (S$174.5 billion), which she said would seal his "financial ruination".

"To take his story at face value, he knew that the business operation was a little bit crooked, and he was content to go along with that," Judge Swain said. "We all know that a crooked operation is rarely if ever just a 'little bit' crooked."

 
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