Madoff's Eldest Son Hangs Himself in NYC Apartment

Police say Mark Madoff, the son of convicted Ponzi scheme Bernard Madoff, committed suicide at his home in New York City Saturday.

It happened on the second anniversary of the day his father's financial empire collapsed.

Mark Madoff was never charged in his father's scam, which cost thousands of investors their life's savings, but he remained under a cloud of suspicion.

Mark Madoff took his own life exactly two years after his father's arrest.

"Mark Madoff was found hanging from a pipe in the living room of the apartment," says Raymond Kelly of the New York Police Department.

Police say sometime overnight, the 46-year-old Madoff emailed his wife, who was out of town. She sent her father over to the apartment, where he discovered the body.

The couple's two-year-old son was asleep in a bedroom, unharmed.

He and his brother, Andrew, worked for their father's company, but said they had no idea he was running a multi-billion dollar Ponzi scheme.

When it collapsed, Bernard Madoff confessed to his sons, who then called the FBI. He's now serving a 150-year sentence in federal prison.

Mark Madoff and his brother were never charged. But they remained under investigation. Victims of their father’s scam were suing them for tens of millions of dollars.

A court-appointed trustee was seeking to recover millions the Madoff brothers had spent on luxury homes. Another lawsuit, filed just this week, sought money from their young children.

Mark Madoff's attorney released a statement Saturday calling him "an innocent victim" of his father's crimes, and blaming his death on "two years of unrelenting pressure from false accusations and innuendo."

The federal bureau of prisons will have to decide whether to allow Bernard Madoff to attend his son's funeral.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:
WTVY-TV 285 N Foster Street Dothan, AL 36303 334-792-3195
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 111737709 -
Gray Television, Inc.