One of the big remaining questions in the Bernard Madoff scandal is the extent to which his family members served as co-conspirators.
Prosecutors have long had their suspicions, as some in his immediate family were considered suspects. Bernard Madoff himself has always said that he acted alone. But his brother has agreed to plead guilty to criminal charges, the first family member to admit to a role in the crimes, according to the New York Times.
Peter Madoff "has agreed to a prison term of 10 years, prosecutors said in a letter filed with the court on Wednesday. As part of his plea deal, he has agreed to forfeit 3 billion, a staggering penalty that he is not likely to be able to pay. But it is a government calculation based on the amount of money that passed through the firm and a clear indication that prosecutors will seize all of his assets."
Interestingly, "the guilty plea does not amount to an admission that Peter Madoff knew about or participated in his brother's Ponzi scheme. Rather, it confirms the government's allegations that Peter Madoff served as a sham compliance officer who exercised little if any legal oversight over the firm's operations, effectively enabling his brother's crimes."
It's unclear what this mean for other family members. Bernard's sons, Mark and Andrew, both worked for the firm, each served as co-heads of trading. Mark committed suicide in December 2010. Peter's daughter, Shana Madoff Swanson, served as a compliance director at the firm.
For more:
- here's the article
Related articles:
High court declines to review Madoff plans
Trustee vs. New York AG for Madoff funds
