Friday, June 29, 2012

Madoff brother held over Ponzi scheme link

Peter Madoff (file pic)

The brother of convicted Ponzi scheme swindler Bernard Madoff has been arrested on charges relating to the $65bn (£41bn) dollar fraud.

Peter Madoff, 66, will enter a plea to the charges in court in Manhattan, New York, later on Friday.

Bernard Madoff's Ponzi scheme, which had been running since the early 1990s, deprived thousands of investors of their savings.

He is serving a 150-year jail sentence after being convicted in 2009.

The FBI took Peter Madoff into custody at his lawyer's office in New York, a spokesman said.

The FBI released details of the charges against Mr Madoff earlier this week, alleging that he conspired to commit securities fraud and falsified financial records.

The elder Madoff, now 79, has repeatedly denied that Peter Madoff had any involvement in the scheme, which saw some $20bn of investments disappear and a balance sheet of $65bn revealed to be sham.



Source & Image : BBC

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