Bernard Madoff's son found dead

Bernard Madoff's son found dead
On the second anniversary of his infamous father's arrest, Mark Madoff takes his own life
DEC 13, 2010
Mark Madoff, a son of convicted con man Bernard Madoff, committed suicide today on the second anniversary of his father's arrest, his attorney confirmed. “Mark Madoff took his own life today,” Martin Flumenbaum of law firm Paul, Weiss, Rifkind, Wharton & Garrison, said in a statement released by Business Wire. “This is a terrible and unnecessary tragedy. Mark was an innocent victim of his father's monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo. We are all deeply saddened by this shocking turn of events,” Flumenbaum said in the statement. Mark Madoff, 46, and his brother, Andrew, were under investigation but hadn't faced any criminal charges in the massive Ponzi scheme that led to their father's jailing. The case came to light in December 2008 after the elder Madoff confessed to his two sons and his brother, who also worked for him in the business, that he had used money from new investors to pay earlier ones. Sergeant Kevin Hayes, a New York Police Department spokesman, told Bloomberg News that a body was found at 158 Mercer Street in Manhattan, and police were notified by a family member at about 7:30 a.m. FBI spokesman Richard Kolko later confirmed Madoff was found dead of an apparent suicide in his Mercer Street apartment, declining further comment. Sued by Trustee The sons, along with Bernard Madoff's brother and five directors of the U.K. arm of Bernard Madoff's investment firm, were sued Dec. 8 by Irving Picard, the court-appointed trustee recovering assets for Madoff's victims. Picard didn't immediately respond to an e-mail and voicemail message seeking comment. Bernard Madoff, 72, is serving a 150-year sentence at a federal prison in Butner, North Carolina. At the time of his arrest, Madoff's account statements reflected 4,900 accounts with $65 billion in nonexistent balances. Investors lost about $20 billion in principal. Mark Madoff's suicide isn't the first connected with the scheme's aftermath. Thierry Magon de La Villehuchet, chief executive officer of Access International Advisors, which managed $3 billion, took his own life in December 2008 after losing funds invested with Madoff's firm, his brother said in an interview at the time. [More: Madoff sons’ fight over cash continues after their deaths]

Latest News

DOJ's fraud sweep bags over $1B in convictions, guilty pleas and indictments in a single week
DOJ's fraud sweep bags over $1B in convictions, guilty pleas and indictments in a single week

Medicare scam, pandemic benefit theft, offshore tax evasion — federal prosecutors are casting a wide net.

Retirement without guaranteed income streams may mean near-total asset wipeout
Retirement without guaranteed income streams may mean near-total asset wipeout

Report finds that pension income acts as a financial lifeline for retirees facing late-life shocks and raises urgent questions about the DC-only future.

Federal judge dismisses Eltek manipulation lawsuit against Morgan Stanley Smith Barney
Federal judge dismisses Eltek manipulation lawsuit against Morgan Stanley Smith Barney

Nine-month electronic trading freeze and share lending program at the center of dismissed claim.

RIA wrap: Dynamic strikes South Carolina deal to reach $7B AUM milestone
RIA wrap: Dynamic strikes South Carolina deal to reach $7B AUM milestone

Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.

Rethinking diversification amid a concentrated S&P 500
Rethinking diversification amid a concentrated S&P 500

With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline