Bernard Madoff’s younger brother, Peter Madoff, pleaded guilty on June 30, 2012 to criminal charges of conspiracy and falsifying records. As a result, Peter Madoff has agreed to serve 10 years in prison and to surrender all assets. While prosecutors presented Peter Madoff as being criminally incompetent and alleged that he falsified several compliance reports to the Securities and Exchange Commission, Peter Madoff portrayed himself as ignorant to the mammoth Ponzi scheme until his older sibling disclosed the truth to him in December 2008. “I was in total shock,” Peter Madoff stated, “[m]y world was destroyed. I lost everything I worked for.” Peter Madoff maintained that he was so confident of his elder brother’s skills that he persuaded his wife, daughter, granddaughter and sister to invest millions in the Ponzi scheme, which they eventually lost. Although Peter Madoff maintained his ignorance of the fraudulent acts of his elder brother, he admitted to engaging in tax fraud and attempting to hide millions of dollars from the IRS. Peter Madoff is free on $5 million bail until his October 4, 2012 sentencing. (“Peter Madoff pleads guilty in NYC, blames brother,” The CBS Money Watch, June 30, 2012).