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
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