Wednesday, 3 September 2014
Last updated 13 hours ago
Dec 13 2010 | 3:34am ET
The eldest son of Bernard Madoff committed suicide on Saturday, the two-year anniversary of his father’s arrest for running a $65 billion Ponzi scheme.
Mark Madoff hanged himself with a dog leash tied to a pipe on his living room ceiling, police said. The death was ruled a suicide yesterday.
Madoff apparently did not leave a suicide note. But he reportedly sent several distraught e-mails to his wife, who was traveling in Florida, and his lawyer. One of the e-mails to his wife, Stephanie Morgan, asked her to “Please send someone to take care of Nick,” their two-year-old son. The e-mail led her to send her father, Martin London, who found Madoff at about 7:30 a.m. on Saturday morning.
Madoff’s son was found unharmed.
“Mark Madoff took his own life today,” his lawyer, Martin Flumenbaum, said. “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.”
Madoff and his younger brother, Andrew, worked with their father at Bernard L. Madoff Investment Securities. The two turned their father in after he confessed his crimes to them in December 2008, but have been subject to much speculation about their own alleged role in the scandal. Both, along with other members of the family, have been sued several times by the court-appointed trustee in the case, and a criminal investigation is ongoing.
The trustee, Irving Picard, called Madoff’s suicide “a tragic development,” but a lawyer also working on the case told The Wall Street Journal, “the litigation will take its course and the death of Mark Madoff will not impact that fact.”
Picard is seeking at least $66.9 million from Madoff, and named him in a lawsuit filed last week against BLMIS’s London affiliate.
It is unclear whether Madoff’s father, who is serving a 150-year sentence for his fraud, will be permitted to attend his son’s funeral.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The twin debacles of MF Global and PFG have damaged the reputation of the futures industry demanding an examination of customer protection rules. New rules are being implemented, which will add cost a...