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U.S. prosecutors seek 10-year prison term for Madoff brother

Dec 14 2012 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 Dec. 20, 2012. Bernard Madoff is serving a 150-year prison term and was ordered to forfeit

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