Madoff brother to be sentenced

Last updated 11:38 18/12/2012

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A defence lawyer says the brother of imprisoned Wall Street financier Bernard Madoff will be left penniless and spend his remaining days as a "jobless pariah" in or out of prison.
 
Attorney John Wing made the observations in a sentencing memorandum made public on Monday, three days before Peter Madoff is to be sentenced in New York for his role in a fraud that cheated thousands of people out of US$20 billion ($23 billion).
 
The lawyer says the 67-year-old Peter Madoff was shocked to learn two days before his older brother's 2008 arrest the family's investment business was a sham, even though he was the company's chief compliance officer.
 
The lawyer says Peter Madoff had always done as his brother commanded since childhood.
 
Bernard Madoff pleaded guilty to fraud charges and is in prison in Butner, North Carolina.

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- AP

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