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

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

The Road To Tax Alpha

May 28 2015 | 5:36am ET

Tax-related alerts are increasingly helping investment managers harvest tax alpha...

 

Sponsored Content

Editor's Note