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. T.O.

    The sins of the father just came home to roost.

    December 11, 2010 at 10:41 am | Report abuse | Reply
  2. Ivy

    Was it worth it Bernie?

    December 11, 2010 at 10:42 am | Report abuse | Reply
  3. j0eschm0e

    people like bernie is what caused the great depression way back when. I read of some guy that took the stock market for many millions or billions and got away with it which added to the great depression, and the feds founded the law to stop dirty investing so that it wont hurt others. even martha steward didnt get away with it.

    December 11, 2010 at 10:42 am | Report abuse | Reply
  4. marty

    I always thought stockbrokers and other wall street professionals were supposed to jump out windows. Sadly another tradition is coming to an end.

    December 11, 2010 at 10:42 am | Report abuse | Reply
  5. Davey Jones

    I don't believe for one second that this was suicide. I'd say retribution.

    December 11, 2010 at 10:43 am | Report abuse | Reply
  6. TOM

    EXCELLENT NEWS !!!!!!

    December 11, 2010 at 10:43 am | Report abuse | Reply
  7. Unchosen

    I'll buy the rest of them a bus ticket once they get to Palestine.

    December 11, 2010 at 10:43 am | Report abuse | Reply
  8. dawn traxler

    could it have been guilt or shame that caused this man to take his own life...dont know but nevertheless Bernie sure didnt have either cause he never gave back his victims what belongs to them...THEIR LIFE SAVINGS.

    December 11, 2010 at 10:43 am | Report abuse | Reply
  9. NewsOrGossip

    For somebody to hang themselves...that's a creepy decision to make. Hanging, choking ...cutting off your own air supply as opposed to a quick bullet to the head or something. This son could've rebuilt his life, and help make others' lives better. He should've faced his fears! You learn, develop and evolve when you do. I saw the Mother hiding out in Florida yesterday...with her hair dyed red etc. The media found her trying to disguise herself. Madoff family....you knew what your husband was doing...now help the families that you hurt! Don't kill yourselves!!

    December 11, 2010 at 10:43 am | Report abuse | Reply
    • William

      I would have preferred that some aggrieved party or parties cut off the hands and feet of every member of the Madoff family. Let them go through life without extremities and they will have a constant reminder of the pain they inflicted on others. Why is it that Seniors who are getting "end of life" notices from their doctor won't go hunt down one of the Madoffs and kill them? There is nothing to lose and everything to gain.

      December 11, 2010 at 5:54 pm | Report abuse |
  10. POD

    What goes around comes around......as the sheriff said in the movie 'Fargo' "and for what?........for a little bit of money"

    December 11, 2010 at 10:44 am | Report abuse | Reply
  11. Jimmy Hoffa

    Life is life na, na, na, na, na....this too shall pass!

    December 11, 2010 at 10:44 am | Report abuse | Reply
  12. Justin Theend

    Wonder if this will spark a trend in doing the right thing with hedge fund managers?

    December 11, 2010 at 10:44 am | Report abuse | Reply
  13. slavedriver

    And and this story affects us how again? I'm sorry but why doesn't CNN put the same effort into important stories. Like who's in the next Muppet movie.

    December 11, 2010 at 10:45 am | Report abuse | Reply
  14. heathey2

    Well this is a very sad story. Money aside, this involved the loss of a life. My grandad took his own life the same way this man has. Let me tell the ones who think suicide is the cowards way out a little thing or two, my grandad was as strong as nails but even he was forever haunted by the scars of seeing people executed in the streets during WW2 and after being beaten and tortured by the russians. Bernie Madoff doesn't deserve our sympathy for the thieving crimes that he commited but he didn't deserve to lose his child.

    December 11, 2010 at 10:45 am | Report abuse | Reply
  15. Bill

    I wonder how Bernard Madoff is reacting to this news? He is a psychopath and has no remorse for wiping out his investors savings but this is his son. His remaining son could be heading for prison depending if this federal investigation finds that he knew about his father's ponzi scam or was part of it. This story has not ended.

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