Thursday, 24 July 2014
Last updated 11 hours ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…