Fox News
Expand
Browse All Video
Watch Live

You're watching...

Peter Madoff pleads guilty in massive Ponzi scheme

Details

  • Description

    He previously denied involvement in $20B fraud scandal

  • Duration 2:51
  • Date

Clips

Also in this playlist...

Latest US

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

-- younger brother of the convicted swindler Bernie Madoff today admitted he helped cover up the biggest Ponzi scheme in US history.

Recall back in 2009 Bernie Madoff was convicted of scamming investors out of some twenty billion dollars.

He's serving a 150 year sentence for running that massive decades long scheme and wiped out people's savings.

And wrecked charities one investor who lost one million dollars said if he had his way he would have -- Bernie Madoff to death.

Peter Madoff the brother long denied having anything to do with the fraud even though he served as the chief compliance officer at the bogus hedge fund.

But today Peter Madoff agreed to serve ten years in prison for conspiracy and falsifying records -- also been agreed to give up all of his assets.

The chief fox report correspondent John hunt with the news live from federal district court in New York City.

So Jonathan what did he actually admit to doing.

Well what are you admitted doing was in his role as chief compliance office over more than a decade.

Falsifying.

And doctoring the hundreds of documents.

But while admitting that he still denied that he had any knowledge of the Y -- ruled that his brother Bernie Madoff.

Was constraint was committing at the time in fact he said he learned about it at the same time as the rest of the world telling the -- quote.

I was in shock and my world was destroyed I lost everything I've looked for.

He was then -- by Bernie Madoff apparently to write checks to friends and family from Walt -- of the fund.

And he said he did that despite quote knowing.

I knew that the conduct was wrong.

And I and I am deeply ashamed to deeply ashamed but not -- of the actual fraud.

The brought the company down in the first place which of course is what Bernie Madoff said it at his sentencing that his brother.

Knew nothing about the fraud itself jump -- but don't prosecutors say he was a key part of Madoff scheme.

-- prosecutors say that -- the -- -- company was a house of cons is they put it.

That turned into a skyscraper.

Of deceit.

And they said of Peter Madoff and I'm quoting here Peter Madoff enabled the largest fraud in human history.

He won't now be jailed well into old age and he will fall -- virtually every penny he has.

We are not yet finished calling -- had.

Every one responsible for the epic fraud and Bernie Madoff.

And the epic paying all of his many victims -- -- -- made -- the younger brother.

He will be back here -- district court in lower Manhattan.

On October the fourth to be sentenced as you said John -- he will serve a minimum of ten years in prison jump.

Jonathan Hunt in lower Manhattan thanks.

Load More