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Bernie Madoff's brother, Peter Madoff, sentenced to 10 years in prison

Peter Madoff exits Manhattan federal court after receiving a 10 year sentence for his participation in the largest Ponzi scheme in history, Thursday, Dec. 20, 2012, in New York. (AP Photo/ Louis Lanzano) Louis Lanzano

Peter Madoff exits Manhattan federal court after receiving a 10 year sentence for his participation in the largest Ponzi scheme in history, Thursday, Dec. 20, 2012, in New York.
AP Photo/ Louis Lanzano
(CBS/AP) NEW YORK - Bernard Madoff's brother was sentenced to 10 years in prison on Thursday for his role in the imprisoned former financier's multi-billion dollar Ponzi scheme, CBS New York reports.

Peter Madoff, 67, was sentenced after pleading guilty to several crimes, including avoiding paying taxes on millions of dollars in income, submitting false filings to Securities regulators, and giving his wife a $100,000 a year no-show job at Bernard L. Madoff Securities.

Peter Madoff maintained that he never knew his brother was orchestrating the largest Ponzi scheme in history, but victims speaking in court Thursday - and even the judge herself - didn't believe him, CBS New York reports.

"The judge said it is absolutely unbelievable that you did not know. We have been telling people this for a long time. It's nice to hear it said in open court to one of the Madoffs," victim Michael De Vita said.

De Vita said he needed to see the second Madoff sentenced. Almost four years to the day after Bernie Madoff was arrested, De Vita told the station he is still reeling from the massive fraud.

"I'm never going to retire and I know it. There's no chance. That money can never be recovered. The best earning years of my life are over," De Vita said.

According to CBS New York, Peter Madoff spoke briefly in court, saying he was "deeply ashamed" and that he takes "full responsibility" for his actions.

But De Vita pointed out that he failed to say two very important words.

"I've never heard him say 'I'm sorry,' because he isn't. He isn't sorry. He lived the life of royalty for 30-something years on somebody else's dime," De Vita told the station.

The victims of massive scheme are further outraged that Peter Madoff will not have to surrender until Feb. 6, in part, they said, so he can attend his granddaughter's bat mitzvah, according to the station.

Peter Madoff will forfeit all of his assets. He has asked to serve his sentence at Otisville Prison in upstate New York.

Peter Madoff is among six who have pleaded guilty playing parts in Bernie Madoff's Ponzi scheme, including the former finance chief, a payroll manager, an accountant, a comptroller and a securities trader.

Five others face trial next year, including Bernard Madoff's longtime secretary. All have pleaded not guilty.

  • Crimesider Staff

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