Wednesday, 20 August 2014
Last updated 8 hours ago
Dec 14 2010 | 1:20pm ET
Arch-fraudster Bernard Madoff will not seek permission to attend his son's funeral.
Mark Madoff committed suicide at his New York apartment on Saturday—the two-year anniversary of his father's arrest. His two-year-old son was sleeping in an adjacent bedroom.
Madoff is serving a 150-year prison sentence for running a $65 billion Ponzi scheme. Federal prisoners may apply to attend family funerals; permission is granted on a case-by-case basis.
"Mr. Madoff will not be attending the funeral out of consideration for his daughter-in-law's and grandchildren's privacy," his lawyer, Ira Sorkin, said. "He will be conducting a private service on his own where he is presently incarcerated," in North Carolina.
It is unclear when Mark Madoff will be buried. As of yesterday, his body had not been claimed from the medical examiner, which conducted an autopsy and ruled the death a suicide.
The Ponzi scheme's eldest son had reportedly been increasingly distraught as the anniversary approached. Mark Madoff was never charged criminally in the scam—the investigation was ongoing at the time of his death—but he had been sued by the court-appointed trustee seeking to recover assets for his father's victims. Madoff and his brother, Andrew, had consistently denied they knew anything about their father's scam; the two are believed to have turned him in when he confessed it to them.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note