Madoff Won't Attend Son's Funeral

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.


In Depth

Hedge Fund Selection: Sussex Partners’ Patrick Ghali Bullish On The Best Of The Best

Oct 2 2014 | 5:56am ET

Ten years ago, Patrick Ghali and Robin Nydes co-founded Sussex Partners with the...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.