A Madoff Son Hangs Himself

Mark Madoff found dead in his apartment on second anniversary of father’s arrest

More On Legal & Compliance

from The Advisor's Professional Library
  • Risk-Based Oversight of Investment Advisors Even if the SEC had a larger budget and more resources, it is doubtful that the Commission would have the resources to regularly examine all RIAs. Therefore, the SEC is likely to continue relying on risk-based oversight to fulfill its mission of protecting investors.
  • Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.

Mark Madoff, the elder son of Bernie Madoff, the man whose name has become a byword for financial fleecing, took his life on Saturday on the second anniversary of his father’s arrest.

The younger Madoff, 46, was found in his SoHo apartment by his father-in-law; his two-year-old son was in the apartment at the time, according to a Reuters report.

Bernard Madoff, 72, is currently serving a 150-year sentencefor committing what is considered the largest financial fraud in history; he ran a Ponzi schemethat ran for decades and brought him and his family illicit billionsin wealth at the expense of his investors, both large and small, famous and unknown. He was arrested on Dec. 11, 2008, after his two sons turned him in; they said he had admitted to them what he had done the day before.

However, investors have found it difficult to believe that the younger Madoffs and the rest of the family did not know what Madoff was up to. An unnamed source said Mark Madoff was distraught over the possibility of criminal chargesbeing filed against him.

In addition, he and other family members were being suedby the court-appointed trustee in an effort to recover some moneyfor the investors who were defrauded in the operation. Five Madoff grandchildren were being sued as well. The trustee, Irving Picard, has said that family members should have been aware of what was going on and called all the Madoffs who worked at the firm “completely derelict in duties and responsibilities.”

Reprints Discuss this story
This is where the comments go.