Bernard Madoff son found dead

December 12, 2010 at 5:04 am (mainstream, New York, Uncategorized)

From Wall St Journal:

NEW YORK—One of Bernard Madoff’s sons was found dead Saturday of an apparent suicide, according to a law-enforcement official.

Mark Madoff, 46 years old, was found hanged in his apartment at 158 Mercer St., in Manhattan’s SoHo section by his father-in-law, according to law-enforcement officials . A family member notified police around 7:30 a.m. No suicide note was found, the officials said.

Mark Madoff’s death comes as federal prosecutors were ramping up their scrutiny of Bernard’s brother and sons, who haven’t been charged with wrongdoing. Seven people, including Madoff’s top lieutenant, Frank DiPascali, have been criminally charged.

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Associated Press
A medical examiner arrives at the apartment building where Mark Madoff lived.

Bernard Madoff swindled a long list of investors out of billions of dollars and is serving a 150-year prison term in North Carolina.

Martin Flumenbaum of Paul, Weiss, Rifkind, Wharton & Garrison, an attorney representing Mark Madoff and his brother, Andrew, said: “Mark Madoff took his own life today. This is a terrible and unnecessary tragedy. Mark was an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo. We are all deeply saddened by this shocking turn of events.”

The scandal put a harsh light on members of the swindler’s family. The financier’s brother, Peter, played a prominent role in the family’s company. Mark and Andrew Madoff both worked on a trading desk at the firm, on a side of the business that wasn’t directly involved in the Ponzi scheme.

A year ago, the court-appointed trustee trying to unravel Bernard Madoff’s financial affairs sued several members of the family, including the brothers, accusing them of failing to detect the fraud while living lavish lifestyles financed with the family’s ill-gotten fortune.

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Mark Madoff at the BLMIS office during July 2005 in New York City.

The lawsuit accused Mark Madoff of using $66 million he received improperly to buy luxury homes in New York City, Nantucket and Connecticut.

This week, Irving Picard, the court-appointed trustee recovering assets for the victims, filed multiple lawsuits seeking funds from people and firms he alleged were close to the scheme or unwittingly profited at the expense of others.

In February, Mark Madoff’s wife, Stephanie Morgan, petitioned a court to change her last name, saying her family had gotten threats and was humiliated by the scandal.

Mark Madoff had one child with his current wife, Ms. Morgan, and two children with his former wife, Susan Elkin of Connecticut, according to a civil lawsuit filed this week seeking to recover money from him and his relatives.

A spokeswoman for Preet Bharara, the U.S. attorney in Manhattan, declined to comment. Mr. Bharara’s office is handling the continuing criminal investigation of the Madoff Ponzi scheme and had been scrutinizing Mark and Andrew Madoff and their uncle Peter.

Calls to Mark Madoff’s father’s attorney weren’t immediately returned Saturday. Calls to the FBI also weren’t immediately returned. Previously, spokespeople for the brothers had repeatedly denied that they had any knowledge of their father’s crimes.

When reached at her home Saturday morning, Ms. Elkin, Mark Madoff’s ex- wife, declined to discuss what happened.

Police investigators were at Mark Madoff’s apartment Saturday morning, along with officials from the medical examiner’s office, which will determine the cause of death.

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6 Comments

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  4. john said,

    i knew Mark personally. This is a huge blow.

  5. JoefromArizonaUSA said,

    I feel for his poor children and wife, but that is it.

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