Court: Madoff's brother to plead guilty in NY
Recent Cases
The brother of Ponzi scheme king Bernard Madoff will plead guilty on Friday to conspiracy and falsifying records, admitting his role in the multibillion-dollar fraud that destroyed the savings of thousands of investors, prosecutors told a judge on Wednesday.
Peter Madoff is the former chief compliance officer at the private investment arm of Bernard Madoff's business.
Court papers signed by a federal judge in Manhattan on Wednesday show Peter Madoff, who had worked with his brother since 1965, will plead guilty to two criminal counts, admitting his role in a conspiracy to commit securities fraud, falsify records of an investment adviser, falsify records of a broker dealer, make false filings with the Securities and Exchange Commission, commit mail fraud and obstruct the Internal Revenue service.
Assistant U.S. Attorney Lisa A. Baroni wrote in a letter to U.S. District Judge Laura Taylor Swain that, pursuant to a plea agreement with the government, Madoff had agreed "not to seek a sentence other than 10 years' imprisonment."
Madoff also agreed to the criminal forfeiture of $143 billion, including all of his real estate and personal property. The $143 billion, representing the amount of money believed to have flowed through the business accounts during the multi-decade Ponzi scheme, is included in the criminal forfeiture agreement, though authorities know that Peter Madoff's assets would never approach that figure.
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USCIS Issues Clarifying Guidance on NAFTA TN Status Eligibility for Economists
U.S. Citizenship and Immigration Services (USCIS) announced today that it is clarifying policy guidance (PDF, 71 KB) on the specific work activities its officers should consider when determining whether an individual qualifies for TN nonimmigrant status as an economist.
The North American Free Trade Agreement (NAFTA) TN nonimmigrant status allows qualified Canadian and Mexican citizens to temporarily enter the U.S. to engage in specific professional activities, including the occupation of economist. The agreement, however, does not define the term economist, resulting in inconsistent decisions on whether certain analysts and financial professionals qualify for TN status as economists.
TN nonimmigrant status is intended to allow a limited number of professionals and specialists to work temporarily in certain specifically identified occupations in the United States. This updated guidance provides USCIS officers with a specific definition of one such category – economists – allowing them to adjudicate applications in a way that complies with the intent of the agreement. This policy update clarifies that professional economists requesting TN status must engage primarily in activities consistent with the profession of an economist. Individuals who work primarily in other occupations related to the field of economics — such as financial analysts, marketing analysts, and market research analysts — are not eligible for classification as a TN economist.