Precy Dumlao, Opalesque Asia – Friday the 29th of June saw Peter Madoff, the brother of notorious Ponzi scheme scammer Bernard, charged by the SEC with conspiracy and making false records in connection with the largest financial scandal in history.
On Friday, the U.S. Securities and Exchange Commission charged the 66-year-old Peter with committing fraud, making false statements to regulators, and falsifying books and records in order to create the false appearance of a functioning compliance program over Madoff’s fraudulent investment advisory operations.
The U.S. Attorney’s Office for the Southern District of New York also announced parallel criminal charges against Peter Madoff and he agreed to serve 10 years in prison and surrender all his assets as he pleaded guilty to conspiracy and falsifying records. He will remain free on $5 million bail until his Oct. 4 sentencing. Federal prosecutors said the investigation was ongoing.
According to the SEC’s charge sheet, Peter, who served as Chief Compliance Officer and Senior Managing Director at Bernard L. Madoff Investment Securities LLC (BMIS) from 1969 to December 2008, created stacks of compliance documents setting out supposedly robust policies and procedures over BMIS’s investment advisory operations. However, Peter created these compliance manuals, written supervisory procedures, reports of annual compliance reviews, and compl......................
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