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NY feds: Madoff's brother deserves decade in jail

Published on NewsOK Modified: December 13, 2012 at 7:23 pm •  Published: December 13, 2012

Prosecutors wrote that Peter Madoff had every advantage in life to succeed with a law degree, securities licenses and a close family but "chose to abandon hard work to pursue riches through ongoing criminal activity."

The government said he created false reports claiming he had performed regular reviews of the firm's trading when he had not, even signing several weeks of fictitious trading reviews in one sitting by changing pens and ink colors to conceal that the reports were created simultaneously.

"Regulators, investors and auditors relied on the false statements made by Madoff in his false compliance reports," prosecutors wrote.

They said he steered about $50 million from the enormous fraud to himself and his family over the last decade, enjoying a lavish lifestyle that included multimillion-dollar homes on Park Avenue in Manhattan, in Palm Beach, Fla., and in Old Westbury.

The government said at least one victim has asked to speak at Madoff's sentencing and others have complained in writing that he had not revealed the fraud.

The government noted that Madoff's own sentencing brief, which was not filed publically, did not acknowledge the impact of his crimes on victims.

Lawyers for Madoff did not immediately respond to a message seeking comment Thursday.