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Bernard Madoff's brother Peter to plead guilty to fraud charges

BERNARD Madoff's brother Peter will plead guilty on Friday to conspiracy and falsifying records, admitting his role in the multi-billion dollar fraud that destroyed the savings of thousands of investors, according to court papers filed on Wednesday.

Peter Madoff, former chief compliance officer of the convicted fraudster's firm is expected to enter his plea on Friday and agree to serve 10 years in prison.

The letter, signed by a federal judge in Manhattan, also said Mr Madoff had agreed to a criminal forfeiture of about $143.1bn (€115.1bn), including all real and personal property.

John Wing, a lawyer for Mr Madoff, could not be reached for comment.

Peter Madoff would become the first member of Bernard Madoff's family to admit to criminal charges in connection with wrongdoing at his brother's former company, a case prosecutors unveiled in December 2008.

Bernard Madoff, 74, is serving a 150-year prison sentence after confessing to running a decades-long Ponzi scheme that scammed investors out of billions of dollars.