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. kasie uddoh

    What a sad ending to a family.

    December 11, 2010 at 10:23 am | Report abuse |
    • Christian

      I agree with Eric. Just because someone died does not make it sad. Depends who and for what reason. The economic value he drained from thousands of middle class investors and university endowments is much more "sad". SAD IS WHEN THEY GET AWAY WITH IT!!

      December 11, 2010 at 10:41 am | Report abuse |
    • ldean

      Hey "Eric of Reseda." Stop dancing and put your wine glass down. If you will remember, it was the son who turned his father in for the fraud – I can't imagine what I would do. Evidently, he loved his father and couldn't live with what he had done ("2 yr anniversary of his father's arrest").

      December 11, 2010 at 10:44 am | Report abuse |
    • Sand

      He can rot in hell. Good riddance to bad rubbish. They destroyed lives in the name of greed and I hope the rest of the family follows suit.

      December 11, 2010 at 10:46 am | Report abuse |
    • elidude

      ANY death is a sadness, especially a suicide, but BERNIE should have been able to see this as the expected sort of ending for his family members. They will end in this fashion, or go to jail, or grow beards and try to hide in caves. This is King Lear playing itself out...

      December 11, 2010 at 10:47 am | Report abuse |
    • Karma has a way of working itself out.

      It's not a sad ending for this family. This family still has billions of dollars from stolen money hidding around. Many lives got hurt because of the Madoffs. Karma has eye.

      December 11, 2010 at 10:48 am | Report abuse |
    • Sam

      Its sad, but Madoff stole from the greedy so I applaud him for teaching the ultra rich a lesson that greed ultimately ends in disaster . Good for them!

      December 11, 2010 at 10:48 am | Report abuse |
    • Matt

      Eric : WRONG! The biggest ponzi scheme in history was the TARP bailout headed up by Bush, Paulson and Geithner. The biggest crooks in this country work inside the government.

      December 11, 2010 at 10:51 am | Report abuse |
    • toteman

      I don't think Bernie should be permitted to attend services of any kind. He's already has the luxury of being in a minimum security prison which is a crime against the people whose lives he ruined.

      December 11, 2010 at 10:51 am | Report abuse |
    • Dee

      Merry xmas Bernie.

      December 11, 2010 at 10:52 am | Report abuse |
    • Eric of Reseda

      @ldean: I don't drink, number 1, and 2, the fact that Mark turned in his Dad means something only to the uninformed. Mark woul n't be the target of an investigation or a 900 million suit if he was squeaky clean. Also, there are such things as 'backroom deals', where people agree to di things in order to gain some advantage for them or others. I have NO DOUBT that Mark Madoff was complicit in these crimes and that giving up his dad was part of an overall strategy meant to benefit himself and others, quite possibly with Bernie's blessing, i.e., Bernie agreed to be the lone fall guy if it would spare his family.

      Don't be so naive, ldean.

      December 11, 2010 at 10:54 am | Report abuse |
    • Kaori

      What a sad ending to a family. :(

      December 11, 2010 at 10:55 am | Report abuse |
    • Rich

      The whole family should kill themselves. Thet all deserve to die.

      December 11, 2010 at 10:59 am | Report abuse |
    • Eric of Reseda

      @Matt – You know what, I just may agree with you there. Wall St. has America over the barrel, and as long as we keep electing politicians backed by Wall St., who make it legal to commit the sort of nonsense that banks engage in that puts all of us at risk, then it'll stay that way. I will say that the Wall Street Journal is, however, one of the finest propaganda rags in the country!

      December 11, 2010 at 11:00 am | Report abuse |
    • Jim Frenk

      spoiled little mark Madoff felt the heat (of the ongoing investigations) regarding his family's destruction of thousands of peoples lives. You will see in time that the entire family and confidants knew EXACTLY what was going on. Losing a child due to YOUR OWN sick behavior should weigh on that EVIL FAMILY for decades. I hope Bernie enjoys his oatmeal this morning. maybe his prison cronies can cheer him up with a game of " get Bernie, your it".

      December 11, 2010 at 11:07 am | Report abuse |
    • Christian

      Good, one less rich person in the world. We could do without them all. Not sad, economically liberating!

      December 11, 2010 at 11:31 am | Report abuse |
  2. kasie uddoh

    What a sad ending of a family.

    December 11, 2010 at 10:24 am | Report abuse |
    • TheQuestion

      Tragic at some aspects of "family" but for this family who's patriarch encouraged his sons to go along with his evil plans, it is more appropriate to call this poetic justice.

      December 11, 2010 at 10:42 am | Report abuse |
    • you must be kidding?

      I like to forgive and move on, but this is the most arrogant not seeking forgiveness family

      he took and acted like an a$$ EVEN after he got caught, his kids as well

      I hope God forgives... there have been few characters as evil with money; many evil for genocide and other horrific crimes, but this family out did itself with evil in the financial world

      December 11, 2010 at 10:45 am | Report abuse |
    • John

      why is sad? this is good news. one more crook gone

      December 11, 2010 at 10:46 am | Report abuse |
    • William

      Not a sad ending for a family. I hope a sad beginning. If the entire Madoff clan could be eliminated all the way down the the newborn, the world would be safer.

      December 11, 2010 at 11:59 am | Report abuse |
  3. mike

    test

    December 11, 2010 at 10:25 am | Report abuse |
    • Michael

      How'd your test go?

      December 11, 2010 at 10:28 am | Report abuse |
    • tapu

      damm, must not have worked...

      December 11, 2010 at 10:41 am | Report abuse |
    • test-i-cle went fine

      tried to act more mature, didn't work

      December 11, 2010 at 10:47 am | Report abuse |
  4. John S Not

    So Bernie, The many lives destroyed by your greed now hits home. 2 years to the day he gave you up to the FBI, your son Mark takes his own life. Neither son had talked to you the since then, so you never heard about their humiliation & embarrassment. Now you know how much it hurt him–that your evil deeds were what killed him.

    December 11, 2010 at 10:26 am | Report abuse |
    • sunnybrook

      Well said.

      December 11, 2010 at 10:37 am | Report abuse |
    • Lynda

      You've said it very well.
      Bernie's self greed has had price for so many people – including his son.
      Bernie is one sick SOB – I hope he rots in Hell!.
      He does not even deserve the air he breathes on earth.

      December 11, 2010 at 10:39 am | Report abuse |
    • S Kyle

      Agreed.

      December 11, 2010 at 10:41 am | Report abuse |
    • dbtinc@hotmail.com

      Now all that remains is for Bernie to do the right thing and join his son.

      December 11, 2010 at 10:43 am | Report abuse |
    • teontosonte@hotmail.com

      all the empathy of a dead in thier sins, buried under the enemies providence of the rose colored glasses disease that all of us dont need God, when obviously this ending of a family paints the truth of sin, the enemy ugliness of it. and our need of God despite this worlds decaying natures, very, very much. IJN.
      Carl

      December 11, 2010 at 10:44 am | Report abuse |
    • ldean

      So horribly true.

      December 11, 2010 at 10:46 am | Report abuse |
    • Priapus

      NOW I hope Bernie lives out the remaining 150 years of his sentence.

      December 11, 2010 at 10:48 am | Report abuse |
    • Underdog

      no you are wrong unfortunately. Bernard Maddof is so callous and insensitive a POS that even this, the suicide of his son will have no impact on him. He'll say what he said in jail about his victims "F|_|ck 'em"

      December 11, 2010 at 10:48 am | Report abuse |
    • 150?

      now that is a nice thought, I would be happy if he just went slowly crazy, and before he is bonkers he gets to see the rest of his family take their lives... they were all in on it, he is the big fish, but they were all in on it

      his shameless wife needs to be punished as well as the other complicit family members; with any luck Bernie will witness it all, powerless to help and feel responsible

      December 11, 2010 at 11:23 am | Report abuse |
  5. MICHAEL GRAY

    KARMA WILL ALWAYS COME TO SEE YOU WHEN YOU DO OTHER PEOPLE WRONG!! LIFE

    December 11, 2010 at 10:26 am | Report abuse |
    • greg

      thanks Buddha

      December 11, 2010 at 10:31 am | Report abuse |
    • ChollyGee

      It's called CAPS LOCK. It goes ON, it goes off. Heard of it?

      December 11, 2010 at 11:16 am | Report abuse |
    • GEE

      you have a problem with letting things go; if it is all in caps, WHO CARES

      you are like the people who comment: is this news?

      December 11, 2010 at 11:26 am | Report abuse |
  6. jim

    One down....how many to go?

    December 11, 2010 at 10:27 am | Report abuse |
  7. Nobody Special

    good.

    December 11, 2010 at 10:28 am | Report abuse |
  8. Eweidiotsgotthe411

    YOU FINALLY GOT WIND OF THIS, CNN. Slow clap.

    December 11, 2010 at 10:28 am | Report abuse |
    • S Kyle

      This story was posted 2 hours after the corpse was discovered... after writing it, verifying facts and editing, 2 hours is good time, retard.

      December 11, 2010 at 10:44 am | Report abuse |
    • down wind

      CNN is doing fine, this is not a speedy news service, a hard news source etc

      it is a place to stay informed and be entertained

      you however NEED A LIFE; fast clap

      December 11, 2010 at 11:28 am | Report abuse |
  9. DanOfOmaha

    So very sad

    December 11, 2010 at 10:28 am | Report abuse |
    • dbtinc@hotmail.com

      not nearly as sad as the lives that his father ruined.

      December 11, 2010 at 10:45 am | Report abuse |
    • how can this be sad

      only if you think every life is precious

      this family is not precious, they could care less about honor, kindness, love, friendship etc

      if you are going to be sad there are more worthy things to feel grief for

      December 11, 2010 at 11:30 am | Report abuse |
  10. timmothy jenkons

    really steve? really?

    December 11, 2010 at 10:29 am | Report abuse |
    • yes really

      how complete a post from you

      December 11, 2010 at 11:31 am | Report abuse |
  11. leebo

    Looks 'like the devil Madoff with Your son's soul mista...

    December 11, 2010 at 10:29 am | Report abuse |
  12. Alan

    POS took the easy way out. At least it'll save the cost of a trial!

    December 11, 2010 at 10:29 am | Report abuse |
  13. Aaron

    Rich people sure don't want to be poor people. He and his family cheated people in life and now he cheats them in death. None of the Madoff family should still have access to that kind of property and money. I thought it was all taken. God forgives. People....not so much.

    December 11, 2010 at 10:30 am | Report abuse |
    • Christian

      exactly. he was on his way to becoming poor and didn't like the looks of that.

      December 11, 2010 at 10:38 am | Report abuse |
    • which god?

      christian god I am thinking: old or new testament?

      old testament would not be kind to Bernie

      December 11, 2010 at 11:33 am | Report abuse |
  14. Marc

    Way to go, Dad!

    December 11, 2010 at 10:30 am | Report abuse |
  15. John B

    Suicide...or maybe a bit of pay back? Who knows.

    December 11, 2010 at 10:30 am | Report abuse |
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