Andrew Madoff, convicted conman Bernard Madoff’s last surviving son, who insisted he had nothing to do with his father’s massive Ponzi scheme, has died. He was 48.
He died Tuesday at Memorial Sloan Kettering Cancer Center in New York after battling mantle cell lymphoma, his attorney, Martin Flumenbaum, said in an e-mailed statement.
As heads of the trading desk at Bernard L. Madoff Investment Securities LLC, Madoff and his brother, Mark, led the market-making business of the once-respected firm while their father, based on another floor, invested client money.
The firm’s clients invested $17.5 billion in principal and were led to believe, through falsified statements and trade confirmations, that they had a total of $64.8 billion in their accounts. Irving Picard, the trustee appointed to collect money for the victims of the fraud, had recovered $9.8 billion as of July to partially reimburse clients who lost money.
On Dec. 10, 2008, the brothers contacted the Federal Bureau of Investigation to expose their father’s long-running fraud.
The brothers called the FBI, they said, only hours after first learning of the fraud from their father, who confessed to them because his investment-management business was being inundated with redemption orders he could not fulfill.
Though sued for millions of dollars, the brothers were never charged with complicity in the fraud, or with any other criminal wrongdoing.
Even so, neither they nor their mother, Ruth, ever fully shed public suspicions that they had been involved in a scheme that had enriched their family for decades.
“Did the Sons Know?” Vanity Fair magazine asked in the headline for a 2009 article.
Even their call to the FBI was seen by some skeptics as “something the Madoffs set up” to get the sons “off the hook,” reporter Morley Safer told Andrew Madoff in a 2011 interview on CBS’s “60 Minutes.”
“I wish it were” a setup, Madoff replied to Safer. “I wish none of this was real. You know, I knew absolutely nothing about this before my father shared the information with us. And it was the most shocking and terrible moment of my life.”
For Andrew Madoff, life would never be the same.
His father was sentenced to 150 years in prison. His mother said she and Bernard tried to kill themselves by prescription-drug overdose two weeks after his arrest.
Mark Madoff took his own life on Dec. 11, 2010, the second anniversary of his father’s arrest; he was found hanging from a dog leash attached to a pipe in the living room of his Manhattan apartment.
And Andrew Madoff, in April 2013, disclosed the recurrence of his mantle cell lymphoma, a form of cancer for which he had been treated in 2003. He underwent a stem-cell transplant in May 2013, following chemotherapy and radiation.
“One way to think of this,” People magazine quoted him saying, “is the scandal and everything that happened killed my brother very quickly, and it’s killing me slowly.”
Picard sought $73.8 million in repayment from Andrew Madoff, part of $255.3 million he targeted from Madoff family members who, he said, used money from the firm to “fund personal business ventures and personal expenses such as homes, cars and boats.”