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. Rob

    "They also under a federal criminal investigation." This column must have been written by a "Me Generation" Employee. Why learn how to use proper grammar?

    December 11, 2010 at 10:34 am | Report abuse | Reply
  2. BOBO

    YAAAA.........Suicide? I guess thats what happens when you uck thousands of people over hmmmmm I cant beleive hes not dead himself less hes meant to suffer.... the problem is, someone as cold as him could probably care less if his son is dead. slit all of their throats I say and bow to god money I'd do anything for you.... GOd money just tell me what you want me to ...... you know who you are.

    December 11, 2010 at 10:34 am | Report abuse | Reply
  3. j0eschm0e

    hopefully they wont let bernie go to the funeral. he shouldnt have any right to it at all. he took from so many why should he have any right. dont bother replying to my comment, because I wont be looking again

    December 11, 2010 at 10:35 am | Report abuse | Reply
  4. ROCKWOOD

    It's all really rather sad.

    December 11, 2010 at 10:35 am | Report abuse | Reply
    • rodfromnc

      No it's not..It's not SAD..It's a happy day..Now lets hope the rest of the Clan kill themselves.

      December 11, 2010 at 10:49 am | Report abuse |
  5. Rich

    The world is a better place now that this man is dead.

    December 11, 2010 at 10:35 am | Report abuse | Reply
  6. ML

    So maybe this will finally drive home the tragedy of what his greed did? I didn't see Bernie looking all that apologetic after wrecking so many people's lives by scamming them. Wonder if he feels anything at all about destroying the life of his own son. "What you sow, you reap" and all that.

    December 11, 2010 at 10:35 am | Report abuse | Reply
  7. Airwaves44

    Wow.....CNN posted this almost 1-hour after BBC's website......can you say "weekend" shift-workers LOL. Very sad continuation of what has become a tragic tale of greed and corruption.

    December 11, 2010 at 10:35 am | Report abuse | Reply
    • Larry Cohen

      Heck, the BBC reported the collapse of Building 7 of the WTC on 9/11 25 minutes before it happened. They are on top of there game.

      December 11, 2010 at 10:37 am | Report abuse |
    • Eweidiotsgotthe411

      Yeah Airwaves. I'm with you dawgtown. It's CRAZY how late they reported this!!!! Whoa. CNN, pull it together.

      December 11, 2010 at 10:45 am | Report abuse |
  8. Christian

    He probably realized the true work involved in creating enough economic value in the business world to make a large income. Once the income stopped from the scheme and then the lawsuit was filed, on top of the media attention, he probably decided to take his own life. It's too bad that but it's true that "behind all major fortunes is a crime". So first he screws over others, then he takes his life.

    December 11, 2010 at 10:35 am | Report abuse | Reply
  9. John

    his brother should join him. and dad.

    December 11, 2010 at 10:36 am | Report abuse | Reply
  10. dmeredith

    Sad ...When you don't but God 1st the sins of the father curses the whole family. Praying for teh family and for their healing.

    December 11, 2010 at 10:36 am | Report abuse | Reply
  11. Larry Cohen

    EXCELLENT. This "I am turning my father in and I knew nothing about his actions even though I was in private meetings with my Dad EVERYDAY" dirtball finally did something we can all applaud. The first good decision in this kids life. Now if the rest of the thieving "Madoffs" would do the same thing, we could get back to a Wall Street that people actually believe again instead of the hebrew school alumni, Long Island infested dirty pool our 401k's are forced to swim in.

    December 11, 2010 at 10:36 am | Report abuse | Reply
  12. DD

    Very sad. It's only money. Not worth your life.

    December 11, 2010 at 10:36 am | Report abuse | Reply
    • Christian

      Only other peoples money. The college kids don't need futures, middle class investors dont need food on their families tables, retirees don't need incomes, and governments don't need their tax dollars. Gross.

      December 11, 2010 at 10:45 am | Report abuse |
  13. Luis

    Many lives were affected by your greed! Too bad you had to see your son go before you! It should be the other way around!! Heart breaking!

    December 11, 2010 at 10:37 am | Report abuse | Reply
  14. Noel H.

    The whole family was implicit in the whole scheme. They all knowingly stole the hard earned money of their clients. Death is too good for them.

    December 11, 2010 at 10:37 am | Report abuse | Reply
  15. Nuno

    What the money will can do ...

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