December 19, 2012 in Nation/World

Bernard Madoff brother to face victims in NY court

Larry Neumeister Associated Press
 

NEW YORK (AP) — Much of the suspense surrounding the sentencing of the brother of Ponzi king Bernard Madoff has been eliminated with a plea agreement that makes a 10-year prison term all but certain.

But the proceeding Thursday in Manhattan federal court for Peter Madoff will not lack drama. Two investors are expected to speak before the sentence is formally announced for Madoff’s ex-senior compliance chief. And about 40 have written letters to the judge.

Besides his brother, Peter Madoff is the only family member to be charged so far in the spectacular collapse of the Madoff business in December 2008. It left thousands of investors who thought they were worth $65 billion swindled of their $20 billion original investment. Bernard Madoff is serving a 150-year prison sentence.

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