CORAL GABLES (LALATE) – Peter Madoff, Bernard Madoff’s brother, has been arrested. Peter Madoff (photo above), the younger brother to Bernie Brother, has long claimed that he committed no wrongdoing during the economic scandal of 2008 run by his brother. But on Friday, Peter Madoff was arrested by FBI investigators in which insiders are claiming is a pre-planned plea deal.
Peter Madoff allegedly will plead guilty to criminal charges stemming from the Bernie Madoff 2008 scandal. Insiders claims that Peter Madoff and prosecutors have agreed that he will serve ten years in prison for the Ponzi scheme that was discovered by investigators in December that year. Today’s complaint alleges “Either they failed completely to carry out their required supervisory/compliance roles, or they knew about the fraud but covered it up.”
Peter Madoff will also reportedly aid investigators in learning more about the Ponzi scheme that his brother run. Undisclosed assets held by the younger Madoff will be surrendered to investigators.
Officials believe that Peter Madoff will plead guilty to a count of conspiracy and falsifying records stemming from Bernie Madoff’s case. In 2008, Peter, a graduate of Fordham Law School, worked feet from his brother inside Bernard L. Madoff Investment Securities LLC. Previously, investigators told news that the elder Madoff had allegedly transferred more than $77 million to Peter over a five year period before 2008. Bernie Madoff also purportedly paid Peter roughly thirty-six million dollars annually in salary and bonus for nearly a decade. Peter Madoff has yet to comment to news about today’s arrest.
Bernie Madoff, Peter Madoff