Madoff 'Responsible' For Son's Suicide, He Says

May 20 2013 | 11:19am ET

Bernard Madoff remains haunted by the suicide of his oldest son, he said in his latest interview from prison.

The fraudster, who is serving a 150 year sentence for running a $65 billion Ponzi scheme, told CNN Money, "I'm usually up at 4:30 in the morning because I can't sleep."

"I was responsible for my son Mark's death and that's very, very difficult," he said during the phone interview. "I live with that. I live with the remorse, the pain I caused everybody, certainly my family, and the victims."

Madoff's son killed himself in 2010, on the two-year anniversary of his father's arrest.

Madoff said he began ripping investors off in 1987, shortly after the stock-market crash. But he said he hoped the fraud would be short-lived.

"It was certainly never my intention for this to happen," Madoff said. "I thought I could work myself out of a temporary situation but it kept getting worse and worse and I didn't have the courage to admit what I had done. It created a major problem."

Still, life isn't all bad for Madoff: After four years in prison, he's received something of a promotion, from commissary clerk to "taking care of the telephone and computer systems." It doesn't involve any technical skill to "make sure they're working and they're kept clean," but it also only takes "a few hours" each day.

It also doesn't pay much: The former billionaire earns $40 a month—and had no money left in his prison phone account, requiring him to call CNN collect.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

Concerned About Your HFT Exposure? Hedge It!

Mar 26 2015 | 1:06pm ET

High-frequency trading has been a persistent storyline for several years. The trading...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note