Thread: Madoff's son kills himself in his N.Y. apartment

Madoff's son kills himself in his N.Y. apartment

washingtontimes
By Colleen Long and Tom Hays


** FILE ** In this March 10, 2009, file photo, Bernard Madoff exits Manhattan federal court in New York. A law enforcement official tells the Associated Press that a son of Bernard Madoff has been found dead in New York City of an apparent suicide. The official says Mark Madoff was found hanged in his Manhattan apartment on Saturday, Dec. 11, 2010. (AP Photo/Louis Lanzano, file)

NEW YORK (AP) — Disgraced financier Bernard Madoff's eldest son hanged himself by a dog leash in his apartment Saturday, exactly two years after his father's arrest in a multibillion-dollar Ponzi scheme that swindled thousands of investors of their life savings.

Mark Madoff, 46, was found hanging from a ceiling pipe in the living room of his SoHo loft apartment as his 2-year-old son slept in a nearby bedroom, two law enforcement officials told The Associated Press.

Madoff, who reported his father to authorities, has never been criminally charged in the biggest investment fraud in U.S. history and has said he and his brother Andrew never knew of their father's crimes. A law enforcement official told the AP that Mark was not facing imminent arrest and hadn't spoken to investigators pursuing possible charges in over a year.

But he and other Madoff relatives have remained under investigation and been named in multiple investor lawsuits accusing them of profiting from the scheme.

"This is a terrible and unnecessary tragedy," Madoff's lawyer, Martin Flumenbaum said in a written statement. "Mark was an innocent victim of his father's monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo."


In this undated photograph provided by Security Traders Association of New York, Mark Madoff is shown. Mark Madoff, one of Bernard Madoff's sons, was found dead of an apparent suicide on Saturday, Dec. 11, 2010, on the second anniversary of his father's arrest, according to a law enforcement official. (AP Photo/Security Traders Association of New York, Kimberly Unger)

A lawyer for Mark's mother, Ruth Madoff, said, "She's heartbroken."

Mark Madoff's body was discovered after his wife, Stephanie, became concerned when he sent an e-mail to her early Saturday morning that someone should check on their 2-year-old son, said the law enforcement officials, speaking on condition of anonymity because they weren't authorized to speak publicly about the death.

Madoff's wife, who is at Disney World in Florida with her 4-year-old daughter, sent her stepfather to the home. The toddler was found unharmed, along with a dog.

Bernard Madoff, 72, swindled a long list of investors out of billions of dollars. He admitted that he ran his scheme for at least two decades, cheating thousands of individuals, charities, celebrities and institutional investors. Losses are estimated at around $20 billion, making it the biggest investment fraud in U.S. history.

He was arrested on Dec. 11, 2008, after confessing his crimes to his sons.

The scandal put a harsh light on members of the family. The financier's brother, Peter, played a prominent role in the family's company. Mark and Andrew Madoff both worked on a trading desk at the firm, on a side of the business that wasn't directly involved in the Ponzi scheme.

In February, Mark Madoff's wife petitioned a court to change her last name and the last names of their two children, saying her family had gotten threats and was humiliated by the scandal.

Just days ago, a court-appointed trustee filed a lawsuit seeking to recover any money from the fraud scheme that had been paid to members of the Madoff family, including Mark Madoff's two young children.

At least a half-dozen Madoff employees have also faced criminal charges.

A year ago, the trustee, Irving Picard, sued several relatives, including Peter, Mark and Andrew, accusing them of failing to detect the fraud while living lavish lifestyles financed with the family's ill-gotten fortune.

The lawsuit accused Mark Madoff of using $66 million he received improperly to buy luxury homes in New York City, Nantucket and Connecticut.

"This is a tragic development and my sympathy goes out to Mark Madoff's family," Picard said in a statement Saturday.

Said Bernard Madoff's lawyer, Ira Sorkin: "This is a great tragedy on many different levels."

Calls to the FBI and U.S. Attorney's office were also not immediately returned. Previously, spokespeople for the brothers had repeatedly denied that they had any knowledge of their father's crimes.

Bernard Madoff is serving a 150-year prison sentence in North Carolina. Bureau of Prisons spokeswoman Traci Billingsley said Saturday she didn't have specific information on whether he had been informed of his son's death or would be allowed to attend a service. In general, she said, inmates are informed of a relative's death as soon as the institution is made aware of it and the bureau does allow furloughs for prisoners to attend memorial services.

A police officer stood guard Saturday morning in the lobby of Mark Madoff's building, a 12-story luxury condo tower with a penthouse owned by rocker Jon Bon Jovi.

The building sits on a busy block abutting Broadway in an area crowded with clothing boutiques, cafes and art galleries. The sidewalks and cobblestone streets near the apartment were packed with Christmas shoppers Saturday, as dozens of reporters stood vigil.

Bystanders gawked as officials from the medical examiner's office removed the body early Saturday afternoon. The medical examiner will determine the cause of death.

Nikolay Reva, a 28-year-old salesman in the Prada boutique on same block, said that Mark and his wife would come in with their children to shop, both before and after the scandal broke two years ago.

Mark "was very sweet, respectful, friendly," said Reva. "But after his father's arrest, you could see the person diminishing slowly, you could see something started to happen physically, and he wasn't as talkative."

Source: http://www.washingtontimes.com/news/201 ... nt/?page=1

Mark 8:36
For what shall it profit a man, if he shall gain the whole world, and lose his own soul?

He could have done the right thing and have the money from his dad go to help those who his father ripped off. Even part of it would have been a start and it would have made him look like a decent person. Greed is not one f the seven deadly sins for nothing.

Originally Posted by swatchick

He could have done the right thing and have the money from his dad go to help those who his father ripped off. Even part of it would have been a start and it would have made him look like a decent person. Greed is not one f the seven deadly sins for nothing.

Why should the son suffer for the crimes of the father? I've heard that argument somewhere..

Originally Posted by Ratbstard

Originally Posted by swatchick

He could have done the right thing and have the money from his dad go to help those who his father ripped off. Even part of it would have been a start and it would have made him look like a decent person. Greed is not one f the seven deadly sins for nothing.

Why should the son suffer for the crimes of the father? I've heard that argument somewhere..

In most circumstances you cannot blame the son but this case is different. Look at the lawsuits alone.
" Just days ago, a court-appointed trustee filed a lawsuit seeking to recover any money from the fraud scheme that had been paid to members of the Madoff family, including Mark Madoff's two young children."
"A year ago, the trustee, Irving Picard, sued several relatives, including Peter, Mark and Andrew, accusing them of failing to detect the fraud while living lavish lifestyles financed with the family's ill-gotten fortune. "

"The lawsuit accused Mark Madoff of using $66 million he received improperly to buy luxury homes in New York City, Nantucket and Connecticut. "

He may have worked in another section of the business but still he should have had a clue.

swatchick. my point was facetious. How many times do IA huggers say don't punish the children?

Anytime they use the poor kids argument for illegals especially in the deportation sob stories I have one reply for them. The parents knew what they were doing when they came here just as a legal citizen or resident does when they commit a crime. Do you feel sorry and want to help those kids as well?