Peter Madoff, the younger brother and business partner of Bernie Madoff, pleaded guilty to numerous charges including doctoring documents, avoiding paying taxes on tens of millions of dollars in income, putting his wife on the firm's payroll and submitting false filings to securities regulators. However, he emphasised that at no time was he aware that his brother was orchestrating the largest Ponzi scheme in history. In a deal cut with prosecutors, Peter Madoff will serve 10 years in prison and forfeit all his assets, although the sentence still requires the judge's approval. For more see here.
JD VIEW—The Madoff case continues to reverberate through courts, markets and regulatory bodies. On 3 July, EC Commissioner Michel Barnier published proposals to tighten the rules governing investment and saving funds.