BULLETIN: Madoff’s Son Found Dead In New York On Second Anniversay Of Father’s Arrest, New York Times Reports

BULLETIN UPDATED 11:51 A.M. ET (U.S.A.): Mark Madoff, the older of Ponzi swindler Bernard Madoff’s two sons, has been found dead in New York on the second anniversary of his father’s arrest, the New York Times is reporting.

The death was the apparent result of a suicide by hanging, the newspaper reported. Mark Madoff’s body was found this morning in his Manhattan apartment.

“Mark Madoff took his own life today,” said attoney Martin Flumenbaum in a statement released on BusinessWire. “This is a terrible and unnecessary tragedy. Mark was an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo. We are all deeply saddened by this shocking turn of events.”

Bernard Madoff confessed his scheme two years ago today, ushering in an era of unprecedented Ponzi scheme investigations and the unmasking of so-called “mini-Madoffs” in businesses large and small across the United States.

Flumenbaum is a partner at Paul, Weiss, Rifkind, Wharton & Garrison.  Flumenbaum represents Mark Madoff and Andrew Madoff, Bernard’s Madoff’s youngest son.

Mark Madoff was 46. He had not been charged with a crime. Neither has Andrew Madoff. Lawsuits have been piling up around the massive Bernard Madoff swindle.

See story in the Times.

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7 Responses to “BULLETIN: Madoff’s Son Found Dead In New York On Second Anniversay Of Father’s Arrest, New York Times Reports”

  1. From AP:
    NY trustee seeks nearly $20B in latest action
    http://finance.yahoo.com/news/NY-trustee-seeks-nearly-20B-apf-3034241606.html?x=0

    The trustee recovering money for investors who lost billions of dollars in jailed financier Bernard Madoff’s fraud on Friday filed civil racketeering charges against an Austrian banker and 55 other defendants, demanding they give up nearly $20 billion and accusing the banker of being Madoff’s “criminal soul mate.”

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  2. There seems to be a number of Madoff stories today:
    Reuters:
    Bank Austria vows vigorous defense in Madoff suit
    http://news.yahoo.com/s/nm/20101211/bs_nm/us_madoff_kohn

    Also
    Wall Street Speculators Seek To Profit from Madoff Victims’ Losses
    http://abcnews.go.com/Blotter/wall-street-speculators-seek-profit-madoff-victims-losses/story?id=12355706

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  3. It’s sad when anyone takes their own life. Not only have they robbed themselves of their future, but they have robbed their friends and family as well. The report I read said his 2 year old son was in the next room while he hung himself. My heartfelt condolences to the family and his kids.

    Bernie should have been the one dangling from a rope!!

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  4. This sucks all around. No only has his son lost his grandfather and his good name, but now his father. These Ponzi’s cause lasting pain to not only the victims, but the perps family.

    I don’t see any press that the son was involved, in any way, in the conspiracy. Judging from the vitriol posted in the CNN comments section, I can only imagine his life was like. There are a lot of nasty people out there and they will tar anyone even tangentially related with the same brush.

    Technology has changed but the clueless mobs with pitchforks will likely live on forever. How sad.

    dB

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  5. When I first heard this news I was in disbelief it had happened, but then it hit me it was real. I think there is far more behind this story that will never see the light of day. It is a shame that the warning signs were not seen that may have been able to prevent this tragedy from happening. My heartfelt sympathy and prayers go out to his family in their tragic loss.

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  6. Very sad indeed. Didn’t his son have something to do with turning him in? I also read that his comp for one year was close to 30 million. That is some serious money. He was probably torn up over the fact that he made so much, and in essence it was stolen money. Others have suffered due to his lifestyle.
    Tough one for him to deal with, but you can’t get any more drastic than killing yourself. A very selfish choice.

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  7. Didn’t his son have something to do with turning him in?

    Yes. This may help to remember the events:
    http://finance.yahoo.com/news/Timeline-Events-leading-up-to-apf-992207878.html?x=0

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