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Madoff Brother’s Sentencing Delayed at Defense Request

Oct. 25 (Bloomberg) -- Peter Madoff’s sentencing for aiding his brother Bernard’s Ponzi scheme was pushed back to Dec. 20 from Nov. 9 at the request of the defense.

Peter Madoff, who pleaded guilty in June in Manhattan federal court, asked for more time to file the 11 years of amended tax returns required under the terms of his agreement with the U.S. Bernard Madoff received a prison sentence of 150 years for perpetrating the biggest investor fraud in U.S. history.

“Much of the information necessary for Mr. Madoff to prepare accurate amended returns was in the possession of the government,” defense attorney John Wing told U.S. District Judge Laura Taylor Swain in an Oct. 23 letter. Although Madoff “worked diligently” to prepare the returns, Wing said, his client is unable to meet a presentence deadline.

Swain granted the request today in a five-word order handwritten on the bottom of the signature page of Wing’s letter.

Peter Madoff, 67, pleaded guilty to one count of conspiracy to commit securities fraud and one count of falsifying records, and faces a prison term of at least 10 years.

Madoff, who was chief compliance officer at Bernard L. Madoff Investment Securities LLC, denies having known his brother’s business was a sham until it collapsed in 2008. Investors were thought to have lost $20 billion in principal, though the firm’s trustee has said the figure is closer to $17 billion.

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

To contact the reporters on this story: Bob Van Voris in New York at rvanvoris@bloomberg.net; Andrew Harris in Chicago at aharris16@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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