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Rick Maiman/Bloomberg News(NEW YORK) -- Peter Madoff, the younger brother of Ponzi scheme mastermind Bernard Madoff, was arrested at his lawyer’s New York City office on Friday and taken to the FBI’s lower Manhattan offices to have a DNA sample taken, be photographed and fingerprinted.
Later that day, the 66-year-old will plead guilty to one count of conspiracy to commit securities fraud and one count of falsifying records for his role in the scheme for which his brother is already serving 150 years in jail, prosecutors said. Peter Madoff served as the chief compliance officer of Bernie Madoff's investment firm and helped his brother run the company for more than 40 years.
He will be the first member of the Madoff family other than Bernie to be charged in connection with the case. Bernie's wife Ruth and sons Mark and Andrew also worked in the Madoff investment business, but all have denied any knowledge of wrongdoing.
As part of his plea deal, Peter Madoff will agree to forfeit $143.1 billion, "including all of his real and personal property," and not seek a sentence other than 10 years in federal prison, the maximum allowed for both offenses. The money represents every penny prosecutors believe passed through the firm during the time of the conspiracy.
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