Madoff’s Nephew Forced To Sell Home

Jan 21 2009 | 9:31am ET

Family ties seem to have cost one of Bernard Madoff’s relatives his home. Charles Wiener, Madoff’s nephew and a 30-year employee of Bernard L. Madoff Investment Securities, has had to put his Long Island house up for sale after being wiped out in the alleged $50 billion Ponzi scheme.

Wiener was reportedly near tears last week as he talked about his uncle's betrayal with The New York Post. “It's emotionally devastating to our entire family,” said Wiener, at his Centerport, N.Y., home, which he was forced to put on the market. “I can't afford it anymore.”

Wiener’s four-bedroom, ranch-style home was built in 1971 and features a dock and brick patio. It's now listed for $1.3 million.

Wiener joined Madoff Securities in 1978 and his last listed position was director of administration. Another former employee of the firm said Wiener worked on a different floor of the company's headquarters in midtown Manhattan than that where Madoff ran his “investment advisory,” and that Wiener didn’t have a clue about his uncle’s scam.


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

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