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Old 12-11-2010, 04:17 PM   #1
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Default Bernie Madoff's son Mark dead in apparent suicide.

"Now he knows that the wage of sin is death."
(That's not an article quote, that's me quoting Bob Marley who was quoting Romans 6:23)
Quote:
Bernard Madoff son found hanged in New York

One of convicted US fraudster Bernard Madoff's sons has committed suicide in his New York apartment, a family lawyer has said.

Mark Madoff, 46, was found hanged in Manhattan on the second anniversary of his father's arrest.

Mark Madoff and his brother Andrew were both being investigated in the case but have not been charged.

Bernard Madoff admitted last year defrauding thousands of investors through a $65bn (41bn) Ponzi scheme.

The scheme pays out using new investors' money rather than from any profits.

Bernard Madoff, 72, is serving a 150-year prison term.
Unravelled

A family member notified police of the incident in the Soho district at around 0730 local time (1230 GMT) on Saturday.
Investigators arrive at Mark Madoff's New York apartment The alarm was raised at Mark Madoff's New York apartment

A lawyer for the two brothers, Martin Flumenbaum, told Reuters: "Mark Madoff took his own life today. 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."

Mark and Andrew Madoff worked on a trading desk for the family firm, in a part of the business not thought to be directly involved in the Ponzi scheme. They and other family members have denied being aware of it.

Mark Madoff's wife this year asked a court to allow her to change her surname, citing threats to the family.

On Friday, the trustee charged with recovering funds for the victims of Bernard Madoff's fraud filed lawsuits seeking nearly $20bn in damages.

Irving Picard has charged nearly 60 people, including a number of major banks.

Mark Madoff was also being sued for failing to protect investor assets.

He had been accused in one lawsuit of using $66m in improperly received funds to buy luxury homes.

A friend and associate of Bernard Madoff, Jeffry Picower, who was also being sued, was found dead in a swimming pool at his Florida home in October, although the case remains unresolved.

Bernard Madoff has always insisted he acted alone but seven other people have been arrested in connection with the case.

The Ponzi scheme, which had been running since the early 1990s, unravelled when Bernard Madoff's investors tried to withdraw about $7bn at the height of the economic downturn. He could not produce the money.

Last month, an auction of the possessions of the disgraced financier and his wife was held in New York, raising more than $2m that will go to more than 3,000 clients who lost money through the scheme.

When the fraudster was arrested two years ago, US marshals seized everything he owned and will sell it all.
You know what's sad in a different way? I don't feel any pity for their family, and I'd wager that most people have a similar lack of sympathy. Here's another lesson for us all: A billion dollars is worth more than your life in our society/economy. A lot more.
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Old 12-11-2010, 04:24 PM   #2
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Default Re: Bernie Madoff's son Mark dead in apparent suicide.

Maybe this is the reason why

http://www.ft.com/cms/s/0/bd20e1e6-0...#axzz17qBRkEEM

Madoff trustee launches $19.6bn lawsuit
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Old 12-11-2010, 04:29 PM   #3
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Default Re: Bernie Madoff's son Mark dead in apparent suicide.

Quote:
Originally Posted by Sarcastic
Maybe this is the reason why

http://www.ft.com/cms/s/0/bd20e1e6-0...#axzz17qBRkEEM

Madoff trustee launches $19.6bn lawsuit

So he couldn't live without being rich?
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Old 12-11-2010, 04:31 PM   #4
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Default Re: Bernie Madoff's son Mark dead in apparent suicide.

Quote:
Originally Posted by Immortal Bum
So he couldn't live without being rich?
probably a bit more to it...probably constantly got threatened...everybody looks at you as the scumbag, etc... possibility of jail time..
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Old 12-11-2010, 04:31 PM   #5
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Default Re: Bernie Madoff's son Mark dead in apparent suicide.

Quote:
Originally Posted by Immortal Bum
So he couldn't live without being rich?

I think there will be a lot more lawsuits coming.

I would pretty suicidal if I got sued for $19 B.
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Old 12-11-2010, 04:49 PM   #6
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Default Re: Bernie Madoff's son Mark dead in apparent suicide.

Quote:
Originally Posted by Immortal Bum
So he couldn't live without being rich?
I recall one of his dad's victims killing himself over a billion lost when he still had seven of them. But in his case, I doubt it was the coming loss of money. More likely he couldn't deal with the constant harassment from all the angry people his family swindled and the thought of possibly going to prison must have sealed the deal. I'm pretty sure the thought of getting locked up wouldn't make me kill myself, and that's the case with most men and women, but a guy like Madoff was born with a silver spoon, so dealing with the life of a convict probably had him shook, plus he is getting constant hate from the world around him.

And he may have had a conscience that was driving him crazy. Who knows?

If your dad who you love and who raised you one day brought you in on this colossal ponzi scheme upon which the foundation for you and your family's life of wealth, prestige and power, what would you do? I hate to say this, but most people would keep quiet and continue to reap the rewards. Might even just go into denial over the whole thing. Then one day Daddy gets busted and it all comes crashing down, and he finally reacts how he reacted. He's weak, and deserves no sympathy, but I can see why someone like that would kill himself, even if he wasn't in on it all from day one.

And if he knew about it all along (which is very likely) that just makes jhim an even bigger asshole. Nut it'd be hard to turn your father in and expose your family to this kind of backlash.
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Old 12-11-2010, 04:54 PM   #7
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Default Re: Bernie Madoff's son Mark dead in apparent suicide.

Yeah, saw this on CNN. I'm pretty surprised I haven't seen a thread about Elizabeth Edward's funeral yet.
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Old 12-11-2010, 04:55 PM   #8
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Default Re: Bernie Madoff's son Mark dead in apparent suicide.

Quote:
Originally Posted by Jailblazers7
Yeah, saw this on CNN. I'm pretty surprised I haven't seen a thread about Elizabeth Edward's funeral yet.
Did that church show up?
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Old 12-11-2010, 04:59 PM   #9
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Default Re: Bernie Madoff's son Mark dead in apparent suicide.

Quote:
Originally Posted by Jailblazers7
Yeah, saw this on CNN. I'm pretty surprised I haven't seen a thread about Elizabeth Edward's funeral yet.
I might have made one, but I honestly didn't know she was dead. I've been out of touch.
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Old 12-11-2010, 05:01 PM   #10
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Default Re: Bernie Madoff's son Mark dead in apparent suicide.

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Originally Posted by NoGunzJustSkillz
Did that church show up?

Not sure, I only watched a little coverage on it this morning before a final.
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