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Peter Madoff pleads guilty; will spend 10 years behind bars

Posted at 6:53 PM, Dec 21, 2012
and last updated 2012-12-21 18:53:05-05

Bernie Madoff’s brother will spend 10 years behind bars.

Peter Madoff plead guilty to conspiracy and falsifying tax returns in order to pull off one of the most notorious Ponzi schemes ever.

After receiving his sentence, Madoff apologized and said he was deeply ashamed, although never admitted to being involved in the scam.

He will start his sentence Feb. 6th.