The younger brother of Ponzi schemer Bernard Madoff is going to serve 10 years in prison.

Peter Madoff, 67, was sentenced in U.S. District Court in Manhattan Thursday evening, following his plea agreement.

He was a former senior compliance officer at Bernard Madoff's business, which is now known to have cheated thousands of investors out of billions of dollars.

Peter Madoff pleaded guilty to conspiracy and falsifying records of an investment adviser, and is the only Madoff family member besides his brother to be charged in the fraud.

Bernard Madoff is currently serving a 150-year prison sentence after he admitted to running the Ponzi scheme.