Bernard Madoff's brother learns fate at NY court

4:30 PM, Dec 20, 2012   |    comments
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NEW YORK - The sentencing of Bernard Madoff's (pictured above) brother for crimes committed in the shadow of his notorious sibling has begun in a New York court.

Peter Madoff (not pictured) awaited the formal announcement of his sentence in federal court in Manhattan on Thursday. It was only going to occur after several victims address the judge. The 67-year-old Madoff pleaded guilty in June to conspiracy and falsifying books and records, agreeing to serve 10 years in prison. His brother is already serving a 150-year prison term after admitting his multi-billion-dollar fraud in December 2008.

Peter Madoff says he didn't know his brother was operating a giant Ponzi scheme until his brother told him about it a few days before he surrendered.

The former chief compliance officer at Bernard Madoff's private investment business admitted he fabricated documents.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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