U.S. Says Madoff’s Brother Should Get 10-Year Prison Term

Peter Madoff, brother of imprisoned Ponzi scheme operator Bernard Madoff, should get a 10-year prison term for his role in perpetuating the multibillion-dollar fraud, U.S. prosecutors said.

Peter Madoff pleaded guilty in June in federal court in Manhattan to enabling his brother to pull off the biggest Ponzi scheme in U.S. history, though Peter denied knowing the business was a sham until the firm collapsed.

‘The government submits that a sentence of 10 years is reasonable and appropriate in this case,’’ assistant U.S. attorneys Lisa Baroni and Julian Moore said in a memo to the judge who will sentence Madoff.

Peter Madoff, a lawyer who served as the chief compliance officer of Bernard L. Madoff Investment Securities LLC, helped his brother run the firm for four decades. Peter Madoff is scheduled to be sentenced Dec. 20 by U.S. District Judge Laura Taylor Swain.

The case is U.S. v. Madoff, 10-cr-00228, U.S. District Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Patricia Hurtado in New York at pathurtado@bloomberg.net

To contact the editor responsible for this story: Peter Blumberg at pblumberg1@bloomberg.net

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