Son faced challenges in wake of Madoff investment scandal
December 11th, 2010
11:45 AM ET

Son faced challenges in wake of Madoff investment scandal

Mark Madoff, the son of Ponzi schemer Bernard Madoff who was found dead in his apartment Saturday in New York, was facing a number of challenges.

Mark Madoff worked as a broker at his father's firm. Trustee Irving H. Picard and investors have filed numerous lawsuits against Madoff, his brother Andy, and others associated with the firm. A federal criminal investigation is ongoing.

The Wall Street blog Dealbreaker reported Friday that Mark Madoff was frustrated to the point of tears at his inability to get hired at another investment firm.

Mark Madoff put his Nantucket home on the market in June for $7.5 million, the New York Times reported. He bought the house for $6.5 million in 2008, the paper said.

In March, Mark Madoff said in an email that he's "creating a small research boutique ... one of the projects will [be] a news round-up that captures stories from most major publications," Dealbreaker reported. The venture was called Strategic Research Advisors. Its website yields little information.

His death occurred on the second anniversary of his father's arrest.

Bernard Madoff was convicted of operating a Ponzi scheme and defrauding thousands of investors of as much as $65 billion. He pleaded guilty and was sentenced to 150 years in prison this year. Prosecutors have said it was the largest investor fraud committed by a single person. The 71-year-old is now at the Butner Federal Correction Complex, a medium-security prison in North Carolina.

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Filed under: Crime • Justice • Lawsuit • New York
soundoff (635 Responses)
  1. Diane

    William, I guess we are off topic, but I was wondering if there is a bible passage that instructs man to eliminate man, based on your DNA theory. I know many people with evil doers in their families, and yet they themselves have never been, never would be. Your DNA study theory and your Madoff example suggests that this would not be possible, so why is it possible then. The population would be very small if families were eliminated based on the evils of the father. I'm happy you are not my father.

    December 11, 2010 at 8:10 pm | Report abuse | Reply
  2. Diane

    William
    I don't have an evil bone in my body and I did not mean to offend you. Have to wonder if you live in MO though..... I know a William in MO does write as well as you.

    December 11, 2010 at 8:16 pm | Report abuse | Reply
    • William

      Diane,

      You wonder if a criminal of any kind would justify the elimination of that criminal's family. Generally, I would say no. There are several questions that must be asked. Does the criminal activity demonstrate a perverse evil behavior and do multiple family members share in the activity or benefit of the activity? When both of those are satisfied, I believe you have a marker for DNA damage and the case for elimination of the entire strain becomes stronger.

      You note that only 324 Jews were killed and nearly ten times that were non-jews. The latter are what military leadership calls collateral damage. They can be compared to the more than 50,000 innocent Iraqi civilians (women and children) that American soldiers murdered.

      The shame of this 911 incident is that we would spend half of our treasury for ten years and lose five thousand lives to defend the interests of Jewish Bankers. 324 dead jews in the WTC is not really a problem. I must point out that not all Jews are dishonest. I am making the point that JYC is a magnet for the worst elements of Jewish society. Hence, all the top criminal convictions for securities fraud are Jews (Milken, Boesky, Madhoff). THe Jewish Bankers in JYC are killing Americans in the heartland who live on Main street every single day. Who weeps for the poor and middle class?

      December 11, 2010 at 8:54 pm | Report abuse |
  3. poolshark

    O.K., both of you to separate corners. TIMEOUT!!!!! If we identified every person who committed a horrendous crime, white collar or not, and eliminated their remaining offspring due to "bad seed", the only thing left on the planet would resemble the primordial ooze that our ancestors once crawled out of. A man decided the pain of continuing with his life was greater than the pain of terminating it. It's that simple. He probably reflected on the pain and suffering he would bring to those close to him, but despair can be a powerful amnesiac. Narcissism is usually a trait of those with low self-esteem, and I personally believe that many who choose suicide are narcissists who finally recognize that they are no better than the rest of us and to continue on with the rest of us is simply too torturous.
    My father fought valiantly in WWII and was highly decorated from his actions on D-Day? Does that make me a "hero"?
    My grandparents worked hard all their lives and embraced the "American Dream". Does that make me a workaholic?
    Adam ate the apple, does that make me a sinner? Oops, that analogy might not be so good.................
    All on here, have a great evening!!!

    December 11, 2010 at 9:25 pm | Report abuse | Reply
  4. William

    For those non jews in the WTC who died with the 324 Jew Bankers, people should remember that when you ride with outlaws, you die with outlaws.

    December 11, 2010 at 9:42 pm | Report abuse | Reply
  5. William

    ride with outlaw, you die with outlaws

    December 11, 2010 at 9:53 pm | Report abuse | Reply
  6. Protoman

    Honestly I don't really feel that bad for this guy. He had it all and it was being ripped away from him. No more nice cars, trips or beautiful trophy girls who only like him for money. He was obviously scared of becoming one of the 99% of peasants who actually work for a living. He was probably also scared of prison too. Suicide is tragic, but usually it's because the person feels hopeless, scared and lost. I've seen many people treat others like complete garbage and that can build up inside a person. Add to the interpersonal torment a difficult life with no money or prospects and it's easy to see why someone would chose to leave all the bs to take a chance on the afterlife. It says more about society when someone ends their life than it does about the person ending their life. This guy was just weak though. He really didn't want to be one of us like it was so beneath him. Sad

    December 11, 2010 at 11:18 pm | Report abuse | Reply
  7. tinagrim

    Are you looking to refinance your mortgage? Best way is to contact at least three to five lenders for input on mortgage programs and rates. Also search online for "123 Mortgage Refinance" since refinanced my loan to 3.29% with my OK credit history.

    December 12, 2010 at 12:19 am | Report abuse | Reply
  8. TTK

    This is a tragic event by all accounts. Who knows what Mark did and knew or not, the extent of his involvement and etc.I trully sorry for his young children.
    " sins of thy father"

    December 12, 2010 at 8:49 am | Report abuse | Reply
  9. American

    The sad thing about humanity is that many of us lead culturally encapsulated lives. Once we open ourselves up to meeting the other, we invariably learn that all of us have more in common than we may have imagined possible. Fear and distrust of the other occur when we hide from the other. In the extreme that can easily evolve into a racist worldview.

    December 12, 2010 at 10:35 am | Report abuse | Reply
  10. American

    Sure this is sad, but it is hardly worth all the news coverage. As to motivation, one can only imagine. I love how the son's house was worth millions. Many of us would be able to lead better lives with resources like that. I suspect that the many victims of the Madoff crime wonder were all that wealth came from, as do I!

    December 12, 2010 at 10:53 am | Report abuse | Reply
  11. American

    Sure this is sad, but it is hardly worth all the news coverage. As to motivation, one can only imagine. I love how his house was worth millions. Many of us would be able to lead better lives with resources like that. I suspect that the many victims of the Madoff crime wonder were all that wealth came from, as do I!

    December 12, 2010 at 11:00 am | Report abuse | Reply
  12. unknown

    Why put all the blame on the madoff familly? I think the investors should of done their homework before they invested the money. after all its only money!

    December 12, 2010 at 11:50 pm | Report abuse | Reply
  13. marybaskin

    Mortgage Rates have hit an all time low! For many, these rates will be the lowest we see in our lifetime. Rates change several times throughout the day, so to get an accurate quote search online for "123 Mortgage Refinance"

    December 13, 2010 at 2:45 am | Report abuse | Reply
  14. Kevin

    What is lost in the whole Ponzi scheme is money, what is lost here is life, it should never be this way

    December 18, 2010 at 3:02 am | Report abuse | Reply
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