Sunday 17 December 2017

Madoff's son is found hanged

colleen long in NEW YORK

THE eldest son of disgraced financier Bernard Madoff hanged himself by a dog leash in his Manhattan apartment yesterday, the second anniversary of his father's arrest in a multibillion-dollar scam that swindled thousands of investors of their life savings.

Mark Madoff, 46, was found hanging from a ceiling pipe in the living room of his SoHo loft apartment as his two-year-old son slept in a nearby bedroom.

Madoff, who reported his father to authorities, has never been criminally charged in the biggest investment fraud in US history, which has snared a half-dozen Madoff employees.

Mark Madoff and his brother Andrew said they were unaware of their father's crimes. But they have remained under investigation and have been named in multiple investor lawsuits accusing them of profiting from the massive fraud.

A law enforcement official said yesterday that Mark Madoff's arrest was not imminent, and that investigators pursuing possible charges against him, his brother and uncle hadn't contacted him for more than a year.

A lawyer for Mark's mother said: "She's heartbroken."

Mark Madoff was found by his father-in-law, after his wife, Stephanie, became concerned when he sent an e-mail to her on Friday night or early Saturday morning that someone should check on their two-year-old son.

Madoff's wife, who is at Disney World in Florida with her four-year-old daughter, sent her father to the home, where he found Madoff's body. The toddler was found unharmed, along with a dog.

Bernard Madoff, 72, swindled a long list of investors out of billions of dollars. He ran his scheme for at least two decades, cheating individuals, charities, celebrities and institutional investors. Losses are estimated at around $20bn (€15bn).

Sunday Independent

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