Bernard Madoff’s brother pleads guilty in Ponzi case

Peter Madoff, the younger brother of swindler Bernard, has been arrested in connection with his sibling’s notorious Ponzi scheme.

Detained by FBI agents in Manhattan on Friday morning, the 66-year-old later pleaded guilty in court to conspiracy and falsifying financial records.

He said that he had always worshipped his brother but was “shocked” when Bernard revealed his investment firm had been a massive hoax.

Arrested in 2008, the elder Madoff is now serving a 150 year prison term for the scam in which investors lost billions of dollars.

Peter Madoff has agreed to accept 10 years behind bars. Freed on bail, he will be sentenced in October.

Copyright © 2013 euronews