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. pat

    Bernard Madoff's crimes continue to cause harm.

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

    "They also under a federal criminal investigation."

    Did an Editor even read this article?

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

      nope – but you did. thanks editor jennifer :)

      December 11, 2010 at 10:33 am | Report abuse |
    • Christian

      I noticed that too haha

      December 11, 2010 at 10:38 am | Report abuse |
    • Bizmommy

      All of their online articles are as well edited as this one. I've been thinking for a while that the person they hired to proof this stuff must be a relative or close friend of someone at CNN, otherwise they probably wouldn't still have a job. They are just awful at it. Hey CNN, I could use some work, and I actually know how to read and write :P

      December 11, 2010 at 10:42 am | Report abuse |
    • Larry Cohen

      I wonder why they are also under criminal investigation? BECAUSE THEY STOLE 65BILLION dollars? And the big mistakes they made was that they stole it from NY and Fla jews. These people throw up when someone steals thirty cents from them. Imagine how made they get when a member of the tribe steals from them?? Madoff should have ripped off the Christians and then no one would have been upset. The only problem is that his Wall Street buddies already drained the Christians of all there $$$$. When thieves get robbed by a fellow thief THEN THERE'S A PROBLEM!

      December 11, 2010 at 10:49 am | Report abuse |
  3. AngieS

    How awful! This is the *real* price of Bernie's crime...even worse than destroying his investors fortunes, he has destroyed his own family. At least the investors only have to replace money; Mark Madoff could never replace the lifetime of trust and all that he learned at his father's knee. Pity those who lost their investments but pray for the children of Bernard Madoff who are now learning that everything they were taught and believed in – their very lives – were nothing but lies.

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

      What they learned at their father's knee was either crime or lazy stupidity not to know what was happening, or probably willful neglect.

      December 11, 2010 at 10:54 am | Report abuse |
  4. massms

    "The sins of the father......."

    December 11, 2010 at 10:31 am | Report abuse |
  5. kaycee

    Typical greed..... " 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." Probably only worth $3.5M today. Guess he couldn't cope with not having Daddy's money ugh, the victim's money to spend anymore.

    December 11, 2010 at 10:31 am | Report abuse |
  6. Greg

    A sad end to a life. The son inherited his fathers' sins.

    December 11, 2010 at 10:31 am | Report abuse |
  7. guy

    awww poor little mark madoff was crying.... glad he's dead. hope his dad gets stretched out in prison. wish all other wall streen thieves, i-bank crooks, and hedge fund fraudsters would get thiers too!

    December 11, 2010 at 10:32 am | Report abuse |
  8. AuburnFan

    I wish his family the bst in this horrible situation. I wanted to share a quote that fits this situation to a T. "Power is always the destruction of others, but sometimes that Power is the desctruction of ones own self." – Bryan Moore

    December 11, 2010 at 10:32 am | Report abuse |
    • Larry Cohen

      Hey Auburn, why are you wishing his family well? This idiot was involved in ripping of THOUSANDS of people and his guilt made him take his own life. KARMA BABY!! Now if the rest of the family would hang themselves we could all celebrate. My kids can't attend college because of the Madoof and his idiot sons. And you are wishing them well?

      December 11, 2010 at 10:40 am | Report abuse |
    • Ras137

      To be fair Larry, his sons supposedly did not know (not that I believe them), but his sons were to ones to turn him into the SEC.
      On the other hand AuburnFan doesn't care cause AuburnFan has learned you need to lie cheat and steal to get to the top (cough, cam newton, cough). Which is exactly what the Madoffs did.

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

      Your kids can't attend college because their idiot father didn't diversify the assets allocated to their tuition. Seriously, whomever would place their children's college savings completely in hedge funds, needs to have his head examined. BTW, if they have any academic and/or athletic "chops" – they most certainly can still attend college. Might be a state school, and might require obtaining student loans, but to say they "can't" is being melodramatic.

      December 11, 2010 at 11:01 am | Report abuse |
  9. Pat

    Sad to lose a child, no matter what the age, especially to suicide. What was Madhoff thinking? That he could do what he did without affecting his entire family and a nation. What was the son thinking? That he could take part in this and everyone would forget what his family did?

    I agree, suicide was the only honorable ending.

    December 11, 2010 at 10:32 am | Report abuse |
  10. jojomonkey

    yay! (seriously) yay!. you think these people would give 2 cents about anyone? nope. yay!

    December 11, 2010 at 10:33 am | Report abuse |
  11. Rtfwguy

    I wonder if Bernie thinks it was worth it now.

    December 11, 2010 at 10:33 am | Report abuse |
    • Larry Cohen

      Bernie has proven he only cares about one person on the face of this planet: BERNIE!

      December 11, 2010 at 10:40 am | Report abuse |
    • Underdog

      Bernard Madoff couldnt care less about his son.

      December 11, 2010 at 10:53 am | Report abuse |
    • over dog

      his soul died a long time a ago... prison is the best place for him to take stock of his jail cell and reflect on why he is there... he has nothing but time and to watch his family pay for his bad deeds

      December 11, 2010 at 11:41 am | Report abuse |
  12. J.J.

    The sins of the father shall be paid by the sons. This oldest proverb in the books.

    December 11, 2010 at 10:33 am | Report abuse |
    • sparky

      That's not the oldest

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

      something about blogs that makes people think they need to correct everyone else

      let it alone, he was expressing his feelings, right or wrong, no correction needed on his thoughts

      December 11, 2010 at 11:42 am | Report abuse |
  13. Mike

    THAT is Bernie's punishment. Today is a very bad day for Bernie.

    Before he died, Mark Madoff did make a very good point. What kind of father brings his son to work at a criminal enterprise? When you are a kid, whatever you grow up with becomes your 'normal', no matter how fouled up it is.

    December 11, 2010 at 10:33 am | Report abuse |
    • AngieS

      @Mike: thank you for your wisdom. Children are unwilling participants in all that they experience; how could Mark or any of them know that what they were being taught was wrong? As adults they did the right thing – they turned him in, and that must have been one of the worst days of their lives. Make no mistake...the Madoff family is paying for this crime with their souls and now their blood.

      December 11, 2010 at 10:39 am | Report abuse |
    • they are paying

      and they deserve it, I will not feel sorry for that family...

      "normal" is a way to justify or sympathize... no sympathy for them... they are just and completely BAD

      his son has a small chance at redemption for stopping his father

      another participant in this is the SEC... they let this go on, them and the Bush administration who deregulated and put their cronies in positions of power... the SEC is a JOKE

      December 11, 2010 at 11:46 am | Report abuse |
  14. watchandpity

    It's too bad you didn't give karma its due and proper, Bernie. Don't worry though man, much more to come, you will believe before the end.

    December 11, 2010 at 10:34 am | Report abuse |
  15. Trish Kent

    How sad....no amount of money is worth a life!! The investors were rich anyways, its not like they were left out in the cold or were homeless- Bernie may God be with you in this time of grief and sorrow.

    December 11, 2010 at 10:34 am | Report abuse |
    • Underdog

      Grief and Sorrow for Bernard Maddoff? HA !! He DOESNT care ! He's in prison right now giving classes in the yard to other inmates on how to make million by creating ponzi schemes. We havent seen the last of the damage this guy is going to do.

      December 11, 2010 at 10:57 am | Report abuse |
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