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.

Post by:
Filed under: Crime • Justice • Lawsuit • New York
soundoff (635 Responses)
  1. bambang winarto

    So similar with the Damages season 3 (Glenn Close) on the ponzi scheme by the Tobin, except here Joe Tobin, the son was not died but the wife and the granddaughter. Not sure if this TV series took Ben Madoff ponzi case as a reference?

    December 11, 2010 at 11:05 am | Report abuse |
  2. midnitejax

    Nothing would top this except maybe Bernies' wife taking her survivng son under one arm, and that peice of garbage wife of Ken Lay of Enron infamy, (who was allowed to keep most of the booty after his death) under the other arm, and take a flying leap off the GW Bridge

    December 11, 2010 at 11:05 am | Report abuse |
  3. Eric of Reseda

    @elidude – "ANY death is sad"?!? Are you nuts?!? So, when Hitler or Pol Pot or Stalin died, it was sad? THese three alone ordered the murder of over 30 million people or so. So, you weep for these men? You're crazy...

    December 11, 2010 at 11:06 am | Report abuse |
  4. William

    Well, this definitely beats some screwed over investor having to take him out with a bullet. Spares the investor and state of a trial. Thank you Madoff's. May the rest of you follow suit!

    December 11, 2010 at 11:06 am | Report abuse |
  5. Jules

    The love of money is the root of all evil.

    December 11, 2010 at 11:07 am | Report abuse |
  6. ohhiya

    Suicide? Suuuuuure, i beileve that completely.... It's not like he stole billions from the most powerful men in the entire world and walked away scot free or anything......

    December 11, 2010 at 11:07 am | Report abuse |
  7. Mike

    The ultimate punishment for Bernie... I have an uncle that lost two children and Ill never forget his quote "There is no worse day than burying your child"

    December 11, 2010 at 11:07 am | Report abuse |
  8. bob

    Just me or do all these guys mysteriously die after a year or two... Ken Lay, John Gotti, Bernie Madoff. I think they're all on some secret island with Elvis and Salmon Rushdie.

    December 11, 2010 at 11:07 am | Report abuse |
  9. Randall

    The destiny of crooks and cheaters.

    December 11, 2010 at 11:07 am | Report abuse |
  10. William

    The problem remains though that Bernie hid the money and his grandchildren will reap a fortune from ill gotten gains. The entire family needs to be wiped out. It's a bad seed that has to be eliminated.

    December 11, 2010 at 11:07 am | Report abuse |
  11. Scot

    Laurita,

    You had me until you started off on the class warfare stuff. Don't paint a broad brush and assume that just because someone on wealthy, that they must have stolen it. For every one Madoff, there are hundreds of Bill Gates types that did it the right way.

    December 11, 2010 at 11:08 am | Report abuse |
    • William

      Your numbers are backwards. For every Bill Gates, there are thousands who did it illegally or immorally. When you find someone who is rich, you most likely have discovered a crooked, dangerous blight on society.

      December 11, 2010 at 11:18 am | Report abuse |
  12. Joe Mahma

    Who gives a sh!t?

    December 11, 2010 at 11:09 am | Report abuse |
    • rtfa

      You cared enough to comment.

      December 11, 2010 at 11:22 am | Report abuse |
  13. sam

    The whole family was in on this. Nothing this big could be done by one person. The funny thing is he was man enough to do the right thing killin and prosecuting himself. Too bad his dad didn't follow suit.

    December 11, 2010 at 11:09 am | Report abuse |
  14. midnitejax

    Scott........before you rant about spell check on someone elses' blog, check your own. "Ignorant" has one N not two.

    December 11, 2010 at 11:09 am | Report abuse |
  15. Susan

    Louis Fried: Pathetic? Bernard Madoff's swindling of his clients was criminal, outrageous and born of pure greed- with no thought of his victims or the poor example he was setting for his children- I think that might qualify as a tad worse than a post you don't like... Cohort? Friend?Relative? Whatever he was to you- he is exactly where he belongs now, with karma framing his remaining days...

    December 11, 2010 at 11:09 am | Report abuse |
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23