The younger brother of Bernard Madoff has been sentenced to 10 years in prison for his role in the Ponzi scheme that stole billions of dollars from investors.

Peter Madoff (67) pleaded guilty in June to criminal charges including conspiracy to commit securities fraud for falsifying the books and records of the investment advisory company founded by his brother.

US district court judge Laura Taylor Swain sentenced Madoff to 10 years in prison. She also ordered him to forfeit what she called a “draconian” $143.1 billion, which she said would seal his “financial ruination”. – (Reuters)