Bernie Madoff’s brother gets 10 years in prison

The brother of incarcerated-for-life Ponzi monster Bernie Madoff was sentenced yesterday to 10 years in prison for his role in the epic $20 billion fraud.

But Peter Madoff, 67, who initially claimed he was his older brother’s patsy, won’t have to report to prison until Feb. 6, so he can attend his granddaughter’s bat mitzvah.

“I am deeply ashamed of my conduct,” Madoff told Manhattan federal Judge Laura Taylor Swain.

Peter, once his brother’s chief compliance officer, pleaded guilty in June to conspiracy and falsifying records.

“Peter Madoff was a gate-keeper, who was supposed to guard against fraud, but instead enabled it — facilitating his brother Bernie’s breathtaking scheme,” said Manhattan US Attorney Preet Bharara.

Judge Swain maintained that Peter Madoff’s claims of ignorance were “frankly not believable.”

Still, Peter will get to serve his sentence at the Otisville federal penitentiary, about 90 minutes north of New York City — renowned among inmates for its good chow and liberal TV-watching privileges.

Brother Bernie is serving his 150-year sentence in Butner, NC.

Peter Madoff also had to sell his Old Westbury, Conn., mansion, Park Avenue co-op, 1995 Ferrari Spyder, 1958 Aston Martin and luxury watches, and also forfeit $10 million in cash and securities.

His wife, Marion, who had a no-show job at the Madoff family firm, was left with $771,000 for her retirement.

“[Peter] benefitted from this scam for over 30 years, and he should go to jail for the same amount of time,” said Amy Luria Nissenbaum, one of two Madoff victims who spoke in court. About 15 victims attended the sentencing, and 40 submitted letters.

Share Selection