Peter Madoff, the younger brother of Ponzi scheme mastermind Bernard Madoff, was arrested at his lawyer’s Manhattan office today. Hit the jump for more details!
Madoff was taken to the FBI’s Manhattan offices to have a DNA sample taken, be photographed and fingerprinted.
Madoff, 66, is expected to plead guilty later today to securities fraud for his role in the scheme for which his brother is already serving 150 years in jail.
A former Bernard L. Madoff Securities LLC chief compliance officer, he will enter a guilty plea to one count of conspiracy to commit securities fraud and one count of falsifying records, prosecutors said.
He has agreed to forfeit $143.1 billion, which represents every penny prosecutors believe passed through the firm during the time of the conspiracy. He helped run the firm for nearly 40 years, since 1965.
Peter Madoff will be the eighth person to plead guilty in connection with the four year probe into the fraud scheme, which cost many investors their life savings.