The intricate fraud scheme involving Bernard L. Madoff Investment Securities was revealed in late 2008, after sole owner, Bernard Madoff admitted to a global Ponzi scheme that had been going on for decades, erasing approximately $65 billion from investors’ accounts. Bernard has presently completed his third year of his 150-year prison sentence and continues to claim that he acted alone. Despite Bernard’s claims, prosecutors have charged 13 defendants; Peter Madoff is the eighth to plead guilty.
Peter began working for his brother’s brokerage firm in 1970 after he graduated from Fordham Law School. The brothers worked together to develop the computer-driven trading methods which ultimately led to the electronic Nasdaq market. Peter remained an influential presence in regulatory circles on Wall Street throughout most of his career.
The plea bargain includes a 10-year prison sentence and the forfeiture of $143 billion, a fee so large that it is doubtful Peter will have the capability to pay it, and prosecutors will likely seize all of his assets. Peter is being accused of negligence, as he was completely irresponsible in his professional duties, knowing little to nothing about his brother’s money management operations while he served as the company’s chief operating officer.
Irving H. Picard is the bankruptcy trustee in the case, recovering damages for victims of the Madoff fraud in over 1,000 lawsuits. He is said to have recovered $9 billion of the expected $18 billion owed. This is yet another example of how seriously white collar crime is taken in this county. If you, or someone you know has been convicted of fraud in Arizona, retain the experience and knowledge of a fraud attorney. The white collar crime team at JacksonWhite will work tirelessly to see that your rights are protected and that your professional and personal lives are not destroyed by your fraud conviction. Don’t take on the courts alone; call 480-818-9943 to schedule a FREE and confidential consultation with fraud lawyer, Jeremy Geigle today.