Saturday, December 11, 2010

Bernard Madoff’s son found dead in NY apartment

Bernard Madoff’s son found dead in NY apartment ; Bernard Madoff’s son Mark was found dead in his downtown New York City apartment from an apparent suicide, on the two year anniversary of the unraveling of his father’s Ponzi scheme. Mark Madoff, 46 years old, was found hanging in his apartment in the upmarket SoHo neighborhood by his father-in-law, who was asked to check in on him by Mr Madoff’s wife Stephanie, who was in Florida, a person familiar with the matter said.

The father-in-law called the police early Saturday morning after he arrived and found him dead, this person said. Mr Madoff didn’t leave a note, this person said.

Martin Flumenbaum of Paul, Weiss, Rifkind, Wharton & Garrison, an attorney representing Mark and his brother Andrew Madoff, stated: “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.”

A police spoksewoman said officers responded to a call at 158 Mercer Street this morning and are awaiting results from the medical examiner’s office.

Pressure had been building on the two year anniversary of the elder Madoff’s confession to a multi-billion dollar Ponzi scheme. The trustee representing victims of the fraud has filed a string of lawsuits against global financial institutions, long-time associates of Mr Madoff and a suit this week that named Mark Madoff’s children. Prosecutors also recently filed criminal charges against two long-time associates of the elder Madoff. Mark Madoff spent most of his career at his father’s market making company but has not been accused of any wrongdoing.

Two years ago Bernard Madoff confessed to his sons that his investment business was a fraud. His sons contacted authorities, which launched a broad investigation. Bernard Madoff is serving a 150 year jail sentence. http://www.ft.com/cms/s/0/5d0b830e-0538-11e0-b31a-00144feabdc0.html

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