Mark Madoff, The son of disgraced Ponzi Scheme Investor Bernie Madoff,  was found dead today of an apparent suicde.  Today is the 2nd anniversary of Bernie’s arrest.

Mark’s wife Stephanie received a troubled email from her husband last night and she had her father go check on him where he discovered his Son in law hanging from a black dog leash from the ceiling in his living room.  His 2 year son was asleep in his bedroom.  Stephanie and their 4 year old daughter were in Florida.  MSNBC reports:

Mark Madoff and his younger brother, Andrew, were under investigation but hadn’t faced any criminal charges in the massive Ponzi scheme that led to their father’s jailing.

Mark Madoff’s lawyer said the death was a terrible and unnecessary tragedy.

“Mark Madoff took his own life today. This is a terrible and unnecessary tragedy,” Martin Flumenbaum, an attorney representing Mark and his brother Andrew, said. “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.”

Bernard Madoff swindled a long list of investors out of billions of dollars and is serving a 150-year prison term in North Carolina. He was arrested on Dec. 11, 2008, after confessing his crimes to his family.

Madoff’s sons, according to the family’s attorneys, were the ones who turned him in.

The scandal put a harsh light on members of the 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 Madoff’s financial affairs sued several relatives, including Peter, Mark and Andrew, accusing them of failing to detect the fraud while living lavish lifestyles financed with the family’s ill-gotten fortune.  MSNBC reports:

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

  The Madoff scheme is such a tragic story that continues to impact all involved.  Madoff’s son’s death is such a demonstration of hopelessness, sadness and despair.

source

Advertisements