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A complaint filed in bankruptcy court alleged that the Madoff investment business had transferred more than $77 million to Peter Madoff. Peter Madoff admitted Friday that he tried to hide millions of dollars from the Internal Revenue Service. Baroni said he had engaged in "an enormous tax fraud conspiracy," enabling tens of millions of dollars to be transferred among members of the Madoff family to dodge millions of dollars in taxes, and he arranged for his wife to take a no-show job at the investment firm. As part of a forfeiture agreement, Madoff's wife, Marion, and daughter, Shana, must forfeit nearly all of their assets. The government said those assets and assets that will be forfeited by other family members include several homes, a Ferrari and more than $10 million in cash and securities. It said his wife will be left with $771,733. Though Madoff had been the firm's chief compliance officer for nearly four decades, the government marked his start in the conspiracy as 1996. It said he created false and misleading compliance documents and false reports for the Securities and Exchange Commission. The lies worsened in severity after August 2006, when the business was registered with the SEC as an investment adviser, requiring annual filings to guide the SEC's examination programs. Prosecutors said Madoff made "numerous false statements" to create the false appearance that the business represented a small number of highly sophisticated clients. Baroni said the Madoffs once claimed the investment firm had 23 client accounts when it actually had more than 4,000. His plea differed from his brother's appearance three years ago, when numerous investors spoke of their pain after losing their life savings. On two occasions Friday, the judge asked if any investors wished to speak. None stepped forward. Since the fraud was revealed, a court-appointed trustee has reached agreements to recover approximately $9.1 billion and has distributed more than $1.1 billion to Madoff's victims.
[Associated
Press;
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