Kenneth Rijock

Kenneth Rijock

Wednesday, January 23, 2013

CONVICTED MADOFF CHIEF COMPLIANCE OFFICER GETS A DELAY IN INCARCERATION TO ATTEND $100,000 PARTY

Peter Madoff and his mansion
Peter Madoff, the Chief Compliance officer at Bernard Madoff's investment firm, which was a massive Ponzi scheme, won a delay in his January reporting date to Federal Prison, to attend a religious ceremony, which was followed by an opulent family party reportedly costing up to $100,000 . The defendant will now commence serving his ten-year sentence on 6 February.

Many of Bernard Madoff's New York victims,  who have lost everything they invested with Madoff, expressed outrage, at both the Court's decision to delay Peter Madoff's prison date, and the family's arrogance for holding an extravagant event, in light of the massive losses the victims sustained.

Peter and Bernie, and Peter's vintage Aston-Martin
As a compliance professional, I wonder whether the sentence meted out to Peter Madoff, who was admittedly complicit in concealing the truth about the Ponzi scheme, was sufficient. Do we not hold compliance officers to a higher standard ? Whilst he testified at Bernie's trial, he may be called upon in the future to testify against others, and he could quietly receive a sentence reduction to merely five years, which would allow him to be released after serving only 51 months. Is that really sufficient, when weighed against the millions of dollars that he "earned" due to the Ponzi scheme ? I doubt it.; Bernie got a well-deserved 150 years.

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