Andrew Gombert/European Pressphoto AgencyPeter Madoff was driven to Federal District Court in Manhattan on Friday to plead guilty to criminal charges.Peter B. Madoff was arrested on Friday more than three years after his brother, Bernard L. Madoff, confessed to running the largest Ponzi scheme in history.
The Federal Bureau of Investigation arrested Peter Madoff, 66, at his lawyer’s office in Manhattan, according to a spokesman for the agency. He is expected to appear later on Friday in Federal District Court in Manhattan to plead guilty to criminal charges. The formal charges against Peter Madoff, 66, will include falsifying documents, filing false tax returns and lying to regulators.
As part of his plea deal, Peter Madoff has agreed to a 10-year prison term, prosecutors said in a court filing this week. He has also agreed to forfeit $143 billion, a nominal sum based on the size of the fraud and an indication that the government will seize all of his money.
Peter Madoff’s guilty plea does not include an admission that he knew about or participated in the fraud. Instead, he will acknowledge that he committed securities fraud in his capacity as the firm’s chief compliance officer and falsified the records of an investment adviser.
There had been some speculation that Peter Madoff’s deal with the government included a promise by prosecutors to not bring any charges against his daughter, Shana Madoff Swanson, who also served as a lawyer and compliance officer at the firm. But his plea agreement does not protect anyone else from potential criminal charges, according to people briefed on the matter.
Bernard Madoff has served three years of a 150-year prison term at a federal prison in North Carolina after confessing to running a decades-long Ponzi scheme that wiped out about $65 billion in paper wealth.
John R. Wing, a lawyer for Peter Madoff, did not immediately respond to an e-mail and telephone call seeking comment.
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