Madoff's Son Hangs Himself with a Dog Leash

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.

Source:

Mark Madoff commits suicide (LA Times)

Mark Madoff Had it All (New York Daily News)

Mark Madoff and the Fraud’s Burden (WSJ)

Madoff Kin, Global Banks Sued for Funds (WSJ)

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. go to this web-site commented on Feb 04

    … [Trackback]

    […] Find More to that Topic: thereformedbroker.com/2010/12/11/madoffs-son-hangs-himself-with-a-dog-leash/ […]