NEW YORK.- Friday, brother of Bernard 'Bernie' Madoff, Peter Madoff was arrested by the F.B.I. for his involvement in the multibillion dollar Ponzi scheme of 2008, for which Bernie is currently serving a 150-year prison sentence.
Peter, 66, will enter a plea at a Manhattan federal court Friday afternoon. Peter is likely to plead guilty in participating in the financial fraud including conspiracy, security fraud and falsifying financial records in the 2008 Ponzi Scandal perpetrated by the Bernard L. Madoff Investment Securities LLC .
F.B.I spokesman, Peter Donald, said that the younger Madoff was arrested at lawyer's house and taken into custody.
According to the New York Times, Peter was the "chief compliance officer" in the notorious Ponzi scheme that resulted in the conviction of Bernie in March 2009, after he was arrested in December 2008.
Peter is likely to seek a prison sentence of less than 10 years, he will likely be asked to forfeit $143.1 billion. The forfeiture, like his brother's $170.8 billion one, is symbolic.
Bernie, 78, has repeatedly denied the involvement of his brother in the $20 billion Ponzi scheme.
The Bernie Madoff Ponzi scheme has become a household name and rather representative of the 2008 economic fall-down. The fraud involved over $20 billion and more than 4,500 of the firm's clients and many more investors.
The two brothers are the only members of the Madoff family to be arrested and charged in this scheme.
