WASHINGTON – The younger brother of Ponzi King Bernard Madoff has been released from house arrest and has been released from federal custody, the Bureau of Prisons said Friday.
Peter Madoff, who had served nearly nine years of his sentence, was released from prison at home on Thursday, said Justin Long, a spokesman for the Federal Bureau of Prisons. He was transferred to the Federal Correctional Institution in Miami in November 2019, officials said.
Peter Madoff, 74, had pleaded guilty to forgery of documents and lying to regulators as part of his brother’s Ponzi scheme and was sentenced to 10 years in prison.
His brother, Bernard Madoff, had pleaded guilty to fraud charges after his fraud of several decades cost thousands of investors roughly $ 20 billion they had trusted with him. The fraud was first exposed in December 2008.
The elderly Madoff, 82, pleaded guilty within months and was immediately ordered to begin his 150-year jail term. A judge in June rejected Bernard Madoff’s offer to be released early from federal prison.
