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Prosecutors seek 10-year prison term for Madoff brother

Peter Madoff (C) departs the Manhattan federal Courthouse in New York June 29, 2012. REUTERS/Cary Horowitz
Peter Madoff (C) departs the Manhattan federal Courthouse in New York June 29, 2012. REUTERS/Cary Horowitz

By Erin Geiger Smith

(Reuters) - Prosecutors in New York asked a federal judge to sentence Bernard Madoff's younger brother to 10 years in prison for the role he played in the multibillion-dollar Ponzi scheme, according to court papers filed Thursday.

Peter Madoff pleaded guilty in Manhattan federal court in June to criminal charges including conspiracy to commit securities fraud and making false filings with the U.S. Securities and Exchange Commission.

As part of Peter Madoff's June plea deal, he agreed not to seek a sentence other than 10 years, according to the filing.

Peter Madoff "committed very serious crimes that served to conceal and perpetuate a multi-billion dollar fraud scheme" and "engaged in a vast fraud scheme by which tens of millions of dollars were transferred within the Madoff family" to avoid paying taxes and enrich himself and his family, the filing said.

Peter Madoff is scheduled to be sentenced on December 20, 2012.

Bernard Madoff is serving a 150-year prison term and was ordered to forfeit $170.8 billion.

Peter Madoff served as the chief compliance officer and senior managing direct of Bernard L. Madoff Investment Securities. At his plea hearing, he denied knowing about Bernard Madoff's decade-long fraud until his brother confessed to him in December 2008.

In October, attorneys for Madoff asked that his sentencing, which was then scheduled for November 9, be delayed to allow him time to file accurate, amended tax returns for 1998-2008. The plea agreement required that he file the amended returns.

An attorney for Peter Madoff was not immediately available for comment.

The case is U.S. v. O'Hara et al, U.S. District Court, Southern District of New York, No. 10-cr-00228.

(Editing by Matt Driskill)

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