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Peter Madoff, Bernie Madoff's brother, to plead guilty to fraud conspiracy

Peter Madoff, center, exits Mineola State Supreme Court with his attorney Charles Spada, left, Friday, April 3, 2009, in New York. The former chief compliance officer of Bernard Madoff investment Securities LLC and brother of Bernard will be allowed to spend $10,000 a month for living expenses under an agreement reached Friday between attorneys in a lawsuit accusing him of swindling a college student. (AP Photo/ Louis Lanzano) AP Photo/Louis Lanzano

Peter Madoff, right, exiting Mineola, N.Y. State Supreme Court building with his attorney Charles Spada, Friday, April 3, 2009.
AP Photo/Louis Lanzano
(CBS/AP) NEW YORK - Peter Madoff, brother of convicted Ponzi schemer Bernie Madoff, is scheduled to plead guilty in a criminal case resulting from the multibillion-dollar fraud.

Peter Madoff was the former chief compliance officer at the private investment arm of Bernard Madoff's business.

Court papers signed by a federal judge in Manhattan on Wednesday show Peter Madoff will plead guilty to conspiracy to commit securities fraud and other offenses including falsifying records.

Madoff agreed to the criminal forfeiture of $143 billion, including all of his real and personal property. He also agreed to serve 10 years in prison.

His attorney hasn't returned an email seeking comment.

Bernie Madoff pleaded guilty to fraud and is locked up in prison in Butner, N.C. after revealing in December 2008 that he cheated thousands of investors out of roughly $20 billion over years, using money from new investors to pay returns to existing clients.

Complete coverage of Bernard Madoff on Crimesider

  • Crimesider Staff

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