Madoff’s Son Commits Suicide On Two-Year Anniversary Of Father’s Arrest

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.


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note