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FBN’s Adam Shapiro on Peter Madoff pleading guilty to conspiracy and falsifying records.
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Verdict for Peter Madoff the brother of convicted Ponzi scammer Bernard Madoff and we've got Adam Shapiro live in front of the courthouse -- Yet the proceedings are still under way I left the courtroom just as the judge was accepting the guilty plea to counts from Peter Madoff.
I'm literally -- some quotes from Peter's statements -- the judge about what he knew his involvement in the Ponzi scheme.
And indirectly he is implicated other members of the Madoff family -- at least on a minimum case of tax evasion or tax fraud first he said I am deeply ashamed and terribly sorry.
He then went on to say that I had no time prior to December 2008.
Did I know my brother Bernie Madoff for anyone else was involved in a Ponzi scheme -- actually -- my brought -- it was a brilliant investor.
Now later on in this state -- talks about knowingly accepting gifts worth millions of dollars from Bernie Madoff between 2002008.
And then giving some of that money to his own children.
Shane -- Madoff and his son who died of cancer in 2006.
Those loans those -- -- disguised as loans they were promised -- notes.
And Peter Madoff admitted that those were designed -- loans.
To avoid paying taxes.
He said that we engaged in money transfers Bernie and Peter.
To avoid paying taxes I knew this was wrong so he admitted to committing tax fraud and went on to say.
That be a commissary notes were designed to help avoid paying taxes.
Keep in mind that Bernie Madoff also gave loans to his son's.
Andrew and Mark Madoff that we don't know if those were designed to avoid paying taxes but we have one side of the made off badly.
Peter saying it was indeed designed to avoid paying taxes.
-- -- the transfers as loans to avoid.
Taxes Peter -- has pled guilty again had to leave the courtroom before we found out -- the judge is gonna let him -- today on bail sentencing won't take place today he faces -- most.
Ten years for pleading guilty on these two counts which include.
Fraud tax invasion and also falsifying records tendency most likely at a later date Adam -- with the breaking news from downtown Manhattan -- --
