Madoff’s Son Hangs Himself with a Dog Leash
- Joshua M Brown
- December 11th, 2010
The long, tragic shadow cast by the Madoff Ponzi lengthens...
From the LA Times:
The oldest son of Bernard Madoff committed suicide on Saturday morning, his attorney said.
Mark Madoff was found by family members in his New York apartment Saturday morning, according to law enforcement sources.
The sources said that Madoff hanged himself using a black dog leash and was found by his father-in-law.
Saturday is the second anniversary of Bernard Madoff's arrest in what is thought to be the largest Ponzi scheme in U.S. history.
Madoff, 46, was the head trader at his father's firm.
Mark and his younger brother Andrew Madoff, who also worked at the firm, have denied they knew about the fraud.
This is sad stuff. From what I've read and seen, I never really thought that either of the sons were involved in the fraud. They came off as overpriveleged, goofy brats that dreamt about fishing trips and fleece vests. They never struck me as sinister. That Ruth on the other hand...
In the meanwhile, there are children caught in the crossfire and now a parent is dead, a parent that may have simply been an oblivious, yet innocent pawn in his father's horrific theft. I read somewhere that the 2-year-old son was wandering around the apartment when the body was found. Just terrible.
I'm sure we'll hear a lot more detail this week but my initial reaction is sympathy for the uninvolved family. Imagine being one of the grandkids or nieces and nephews going to elementary school anywhere in the country with the last name of "Madoff". The 5 grandchildren were even sued by Irving Picard, the trustee handling the recovery effort for the fraud's victims.
And I hope that son of a bitch in prison choked when he was delivered this news.
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The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.