Bernard Madoff's Brother, Peter, Sentenced To 10 Years In Prison
NEW YORK (CBSNewYork) -- Bernard Madoff's brother was sentenced Thursday for his role in a multi-billion dollar Ponzi scheme.
Peter Madoff, 67, admitted to fraud, but that was not nearly enough for the victims, CBS 2's Jessica Schneider reported.
Peter Madoff walked out of federal court after learning his fate. He will spend 10 years in prison after pleading guilty to several crimes, including avoiding paying taxes on millions of dollars in income, submitting false filings to Securities regulators, and even putting his wife on the payroll for a more than $100,000-a-year no-show job at Bernard L. Madoff Securities.
He maintained that he never knew his brother was orchestrating the largest Ponzi scheme in history, but victims speaking out in court Thursday – and even the judge herself -- don't believe him.
"The judge said it is absolutely unbelievable that you did not know. We have been telling people this for a long time. It's nice to hear it said in open court to one of the Madoffs," victim Michael De Vita said.
De Vita said he needed to see the second Madoff sentenced. Almost four years to the day Bernie Madoff was arrested, De Vita said he is still reeling from the massive fraud.
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"I'm never going to retire and I know it. There's no chance. That money can never be recovered. The best earning years of my life are over," De Vita said.
Peter Madoff spoke briefly in court, saying he was "deeply ashamed" and that he takes "full responsibility" for his actions.
But De Vita pointed out he didn't say two important words.
"I never heard him say 'I'm sorry,' because he isn't. He isn't sorry. He lived the life of royalty for 30-somthing years on somebody else's dime," De Vita said.
After sentencing, those victims expressed further outrage that Peter Madoff won't have to surrender until Feb. 6, in part, they said, so he can attend his granddaughter's bat mitzvah.
Peter Madoff will also forfeit all of his assets. He has asked to serve his sentence at Otisville Prison in upstate New York.
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