Major Democratic Party Donor Pleads Guilty in Massive Ponzi Scheme

Posted by on Jun 28, 2012 at 6:39 am

Facing a landmark day when the White House Cccupier’s signature healthcare law could be ruled unconstitutional and his Attorney General held in contempt of Congress, this can’t be good news for the beleaguered Democrats.

The brother of Ponzi scheme king Bernard Madoff is scheduled to plead guilty in New York in the criminal case resulting from the multibillion-dollar fraud. Peter Madoff is not pleading guilty to his brother’s ponzi scheme, according to a law enforcement source familiar with the case. Instead, Peter Madoff will plead guilty to one count of conspiracy to commit securities fraud and one count of falsifying records of an investment adviser when he appears in Manhattan federal court on Friday morning before U.S. District Judge Laura Swain.

Peter Madoff is the former chief compliance officer at the private investment arm of Bernard Madoff’s business.

Court papers signed by Judge Swain in Manhattan on Wednesday show Peter Madoff will plead guilty. According to the plea agreement letter (PDF) submitted by U.S. Attorney Preet Bharara, Madoff “agrees to the criminal forfeiture of approximately $143.1 billion, including all of his real and personal property.” That monetary figure represents all the money handled by the firm dating back to the time when Peter, who was the firm’s compliance officer, engaged in a conspiracy that will be detailed on Friday, a source told CBS News.

Madoff also agrees to serve 10 years in prison.

Oh, you didn’t know the Madoffs were Democrat sugar daddies? A shame the media never mentioned that or their close ties with Chuckie Schumer. Yet having chronicled Bernie’s donations, little did we realize how much dough Peter was also showering on greedy Democrats over the years.

Oh well, I’m #JustABlogger, not a “real reporter,” so I suppose none of this matters.

Tags: ,

One Response to “Major Democratic Party Donor Pleads Guilty in Massive Ponzi Scheme”