Every report I can find says that Bernie Madoff’s brother Peter will have to give back $143 billion as part of his plea bargain. It sure seems like a typo in U.S. Attorney Preet Bharar’s papers, recently filed in Manhattan federal court.
The total Madoff fraud — the imaginary profits — was estimated at $60 billion. The amount investors lost was estimated at $20 billion. The court-appointed trustee for the Madoff victims, Irving Picard, claimed that Peter Madoff received at least $60 million during the fraud.
So where did Bharar get the $143 billion dollar figure? He either made it up, or he doesn’t know the difference between a million dollars and a billion dollars, or he’s trying to inflate his successes.
Either way, he can Bite Me.
Peter Madoff, brother of Ponzi king Bernie Madoff, to plead guilty for his role in $65 billion scam – NY Daily News.
The only news source I could find that gave the figure as $143 million was http://www.utsandiego.com/news/2012/jun/27/court-madoffs-brother-to-plead-guilty-in-ny/