Peter Madoff Blames Brother, Pleads Guilty in NYC

Madoff
Associated Press + More

Peter Madoff admitted Friday that he tried to hide millions of dollars from the Internet Revenue Service.

Baroni said he had engaged in "an enormous tax fraud conspiracy," enabling tens of millions of dollars to be transferred among members of the Madoff family to dodge millions of dollars in taxes, and he arranged for his wife to take a no-show job at the investment firm.

Peter Madoff also said that he withdrew $200,000 from the investment business's accounts even after learning about the fraud so that he could make annual donations to charities.

His plea differed from his brother's appearance three years ago, when numerous investors spoke of their pain after losing their life savings.

On two occasions, Swain asked if any investors wished to speak. None stepped forward.

Since the fraud was revealed, a court-appointed trustee has reached agreements to recover approximately $9.1 billion and has distributed more than $1.1 billion to Madoff's victims.

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