Friday, October 24th1.1°C
23711
22501

Madoff's brother gets 10 years

The brother of imprisoned financier Bernard Madoff was sentenced Thursday to 10 years in prison for crimes committed in the shadow of his notorious sibling by a judge who said she disbelieved his claims that he did not know about the epic fraud.

Peter Madoff, 67, had agreed when he pleaded guilty in June to serve the maximum sentence allowable to the charges of conspiracy and falsifying the books and records of an investment adviser.

He follows to prison his 74-year-old brother, who is serving a 150-year sentence after admitting he created a fraud so large decades ago that thousands of people lost $20 billion.

U.S. District Judge Laura Taylor Swain urged Peter Madoff to tell the truth even now about what he knows about the fraud that cost thousands of investors their original $20 billion investment.

The judge said Peter Madoff, wearing a well-tailored charcoal suit, was "frankly not believable" when he claimed at his plea that he only learned of the fraud when his brother revealed it to him just before he surrendered to authorities.

Peter Madoff spoke only briefly, saying: "I am deeply ashamed of my conduct and have tried to atone by pleading guilty and have agreed to forfeit all of my present and future assets."

He added: "I am profoundly sorry that my failures let many people down, including my loved ones."

Two investors, among 40 who wrote victim impact statements, spoke during the proceeding, each describing the financial ruins of their extended family.

Investor Michael T. De Vita, 62, also called for truth, saying he believed "it to be physically impossible for a single person to carry out such a gargantuan task all by himself."

De Vita said investors "have waited four years for others to accept responsibility for this massive crime. We are still waiting for that today."

The Canadian Press


Read more Business News

22970


Recent Trending




Today's Market
S&P TSX14494.01+7.18
S&P CDNX806.00-2.60
DJIA16715.8937.99
Nasdaq4467.284+14.492
S&P 5001954.84+4.02
CDN Dollar0.8909+0.0005
Gold1232.60+3.50
Oil80.82-0.93
Lumber335.00+5.40
Natural Gas3.581-0.041

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.14-0.03
Cantex0.0550.00
Anavex Life Sciences0.195-0.003
Metalex Ventures0.045+0.005
Russel Metals33.10-0.06
Copper Mountain Mining2.04-0.04
Colorado Resources0.14-0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.41+0.005

 



23901

FEATURED Property
204661612821 Lake Hill Drive
5 bedrooms 3 baths
$490,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


23691