Author: JD

MONEY REALLY IS THE ROOT OF EVIL, THIS IS SAD Hugh Collins Contributor (Dec. 11) – A son of convicted Ponzi schemer Bernie Madoff was found dead at his apartment in New York City this morning, and his lawyer said Mark Madoff “took his own life” after two years of “unrelenting pressure from false accusations.”Mark Madoff, 46, was found hanged at his apartment in Manhattan this morning, The Associated Press reported. A family member notified police at about 7.30 a.m.“Mark Madoff took his own life today. This is a terrible and unnecessary tragedy,” said Martin Flumenbaum, an attorney representing Mark and his brother Andrew. “Mark was an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo,” Flumenbaum added. Mark Madoff was under investigation about his possible involvement in his father’s multi-billion dollar fraud, but had never faced any criminal charges. His death came on the second anniversary of his father’s arrest. Bernie Madoff spent years cultivating the image of an ultra-successful money manager, even serving as the chairman of the NASDAQ stock exchange. In Dec. 2008, he told his sons that the business was “one big lie.” They then reported the conversation to authorities and their father was arrested.Authorities estimate that he cheated investors out of as much as $65 billion. Many of these investors included prominent charities such as the Jewish Community Foundation of Los Angeles and Steven Spielberg’s Wunderkinder Foundation, according to The New York Times. Bernie Madoff is currently serving a 150-year prison sentence in North Carolina. His crimes have been back in the headlines in recent weeks, thanks to the efforts of Irving Picard, the trustee charged with recovering funds on behalf of the victims. Picard has auctioned off Bernie Madoff’s possessions, from a platinum engagement ring to a leather footstool, while also filing suit against global banks, such as UBS AG and HSBC, that he says enabled the fraud. In 2009, a court-appointed trustee sued Mark Madoff along with several other members of the family. The complaint said that they failed to detect the fraud and lived lavish lifestyles with the ill-gotten gains, the AP reported. The suit specifically accused Mark Madoff of receiving $66 million improperly and using it to buy luxury homes in New York City, Nantucket and Connecticut. In February, Mark Madoff’s wife petitioned to change her last name, citing death threats against her family. When Bernie Madoff was arrested in 2008, both Mark and his brother Andrew had worked for him their entire careers. Mark Madoff worked for his father as a salesman. He had also sat on the boards of the Lincoln Center Theater and the Public Theater, according to Vanity Fair.