I was shocked
"In December of 2008, when my brother told me about his fraud, I was in shock, and my world was destroyed," Peter Madoff said yesterday as he pleaded guilty in Manhattan federal court to conspiracy and falsifying records for his brother’s benefit — and his own.
"I am deeply ashamed and terribly sorry. I know that my conduct was wrong," Peter, 66, told Judge Laura Taylor Swain, detailing how he and Bernie cheated to scam the government out of taxes.
"I really believed that my brother was a brilliant securities trader who successfully traded for clients’ accounts. As a matter of fact, I encouraged my own family to invest millions of dollars in accounts managed by my brother."
Peter said that "on several occasions, my brother and I engaged in money transfers in ways exactly designed to avoid payment of taxes. I knew that this conduct was wrong."
Peter was freed on $5 million bond pending his sentencing on Oct. 6. He’s expected to get 10 years behind bars, and as part of his plea agreement with government, agreed to a symbolic $143 billion forfeiture. That means his homes in the Hamptons, Manhattan, Palm Beach and elsewhere are toast, as is his 1995 Ferrari Spyder.