[ by Larry Goldfarb ]

Bernie Madoff - a criminal or trading genius?  In the public's eye, he is the worst sort of criminal who deservedly will remain and die in prison.  Yet, for so long, Bernie Madoff was to authorities and his clients alike a trading genius.  

And now, as brother Peter, former Chief Compliance Officer for Bernard L. Madoff Investment Securities LLC,  approaches his sentencing hearing on Thursday, it's time for one final shot at swaying the judge toward leniency.  The defense - Peter Madoff and lawyer John Wing - submitted to the court a lengthy memorandum that, in part, includes Peter's explanation that he, like so many others, was sincerely and innocently convinced that older brother Bernie was a "trading genius." 

Presumably, Peter's strong conviction about his brother, along with dozens of letters from supporters, will convince the judge that, maybe, Peter was not a co-conspirator in the Ponzi scheme and, as incredible as it may seem, really knew nothing about Bernie's commission of the crime.

Yes, Peter Madoff's lawyer acknowledges, his client benefited from Bernard's multi-billion dollar fraud.  But Peter also was a "victim of his brother's Ponzi scheme."  "Sad but true," lawyer John Wing writes in a memo summarizing the letters of support.

Peter Madoff's supporters.  The 190-page court filing, which included reams of letters from friends and supporters, was sent to U.S. District Judge Laura Taylor Swain earlier this month and made public Monday.  It is common for such letters of support to be sent to a judge before a defendant's sentencing.

Mr. Wing's memo makes the following assertions about Peter:

• He was the meek younger brother of Bernard, whom he idolized, even though Bernard ridiculed Peter for being overweight as a child and for making mistakes as an adult.
• Peter "couldn't see himself as anything but the younger fat brother looking for approval from his idol."
• Peter was a "clear beneficiary of his older brother's largess, but he was duped into breaking the law by Bernard.
• After Bernard Madoff's arrest in 2008, Peter took on the role of the comforter, helping family members deal with the infamy the Madoff name had brought.  When several family members were diagnosed with cancer, including Peter, he helped them get through it, the memo said, with his attitude of "strength and optimism."

Peter has turned to religion, participating in Talmud class in his synagogue.  In the class, Peter has learned about "law, charity, family and societal responsibilities, reward and punishment, free will."

The memo, part of a 190-page court filing, also asked the judge for Peter's prison sentence to begin after his granddaughter's bat mitzvah on Jan. 19, 2013.  As part of his plea earlier this year, Peter Madoff agreed not to ask for a prison sentence shorter than 10 years, the term recommended by prosecutors.

For further details, go to:   [WSJournal, 12/17/12].