Mark Madoff: Difference between revisions

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He earned a bachelor's degree in economics from the University of Michigan in 1986.<ref name=townandcountrymag2017-05-19/>  He joined the Sigma Alpha Mu fraternity there.<ref name=PageSix2013-03pg36-42/>
He earned a bachelor's degree in economics from the University of Michigan in 1986.<ref name=townandcountrymag2017-05-19/>  He joined the Sigma Alpha Mu fraternity there.<ref name=PageSix2013-03pg36-42/>


He and his brother Mark worked for their father's firm, but in a division separate from the Ponzi scheme.<ref name=townandcountrymag2017-05-19/>  Their father's swindle, widely described as the most successful in history, was unable to cope with the financial crisis of 2008, and they describe how he confessed to it, to their mother and themselves, on December 10, 2008.<ref name=nytimes2014-09-03/>  He asked them to give him 24 hours to get his affairs in order, before going to the Police.  The brothers decided not to give their father that grace period, and he was surprised by officers and arrested, that day, and they never spoke with him again.
He and his brother Andrew worked for their father's firm, but in a division separate from the Ponzi scheme.<ref name=townandcountrymag2017-05-19/>  Their father's swindle, widely described as the most successful in history, was unable to cope with the financial crisis of 2008, and they describe how he confessed to it, to their mother and themselves, on December 10, 2008.<ref name=nytimes2014-09-03/>  He asked them to give him 24 hours to get his affairs in order, before going to the Police.  The brothers decided not to give their father that grace period, and he was surprised by officers and arrested, that day, and they never spoke with him again.


Madoff married twice.<ref name=townandcountrymag2017-05-19/><ref name=thelist2017-08-23/>   
Madoff married twice.<ref name=townandcountrymag2017-05-19/><ref name=thelist2017-08-23/>   

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Mark Madoff
Other names Mark David Madoff
Born 1964-03-11
Long Island, New York
Died 2010-12-10
NYC
Occupation financier
Known for reporting his father's swindles

Mark Madoff was an United States of America|American financier, best known for his role in exposing his father, Bernie Madoff's swindles.[1]

He earned a bachelor's degree in economics from the University of Michigan in 1986.[1] He joined the Sigma Alpha Mu fraternity there.[2]

He and his brother Andrew worked for their father's firm, but in a division separate from the Ponzi scheme.[1] Their father's swindle, widely described as the most successful in history, was unable to cope with the financial crisis of 2008, and they describe how he confessed to it, to their mother and themselves, on December 10, 2008.[3] He asked them to give him 24 hours to get his affairs in order, before going to the Police. The brothers decided not to give their father that grace period, and he was surprised by officers and arrested, that day, and they never spoke with him again.

Madoff married twice.[1][4]

He made a first suicide attempt in 2009, and a second successful attempt in 2010.[1] His children from his second marriage were just 2 and 4 years old when he took his life.[5]

Madoff's estate amounted to $18.6 million.[6] In 2012 Madoff's ex-wife and widow, Susan Elkin and Stephanie Mack, were sued by Irving Picard, the trustee for his father's swindled clients, under a claim they should have known their wealth was based on crime.[1][4][7]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Kaitlin Menza. How Bernie Madoff Took His Family Down, Town and Country magazine, 2017-05-19. Retrieved on 2020-10-16.
  2. ↑ Sara Lieberman. Madoff's Ultimate Victim, Page Six magazine, March 2013, p. 36-42. Retrieved on 2020-10-17. “It was clear that Mark had the right pedigree. He’d grown up in Roslyn, Long Island—rich, gregarious and considered the “golden boy.” At the University of Michigan, he pledged Sigma Alpha Mu, the go-to fraternity forrich “golden boys” from the EastCoast, and after he graduated hewent straighttowork for Bernard L. Madoff Investment Securities.”
  3. ↑ Diana B. Henriques. Andrew Madoff, Who Told of His Father’s Swindle, Dies at 48, The New York Times, 2014-09-03, p. B19. Retrieved on 2020-10-16. “The two brothers attracted worldwide attention in December 2008 after they alerted federal agents that their father, a respected Wall Street statesman, had confessed to them that his private investment management business was a vast Ponzi scheme. Based on that report, the senior Mr. Madoff was arrested the next morning, Dec. 11, 2008.”
  4. ↑ 4.0 4.1 Carmen Ribecca. Where are the Madoff sons' wives today?, The List (magazine), 2017-08-23. Retrieved on 2020-10-16. “Mark's ex-wife, Susan Elkin, was sued for $2.4 million, his widow, Stephanie Mack, for $27.5 million, and Andrew's ex-wife, Deborah Madoff, for $27.7 million.”
  5. ↑ Stephanie Madoff Mack. As ‘Daddy,’ Mark Madoff Lives On, The New York Times, 2012-09-19. Retrieved on 2020-10-17. “Eventually my children will learn about the complex details of their father’s family, and that he took his own life. They’ll be angry, and they’ll grieve in different ways. But, for now, they’re young, and I find that in our grief, we end up celebrating our lives together. We have new memories complete with laughter and dancing. And somehow, we have found a peaceful place for Mark in them as well.”
  6. ↑ Erik Larson. Madoff sons' fight over cash persists after death, Salt Lake Tribune, 2016-05-10. Retrieved on 2020-10-17. “Mark Madoff's will listed assets of $18.6 million, including almost $9 million in stocks and bonds.”
  7. ↑ Tiffany Hsu. Madoff’s family, daughters-in-law sued for $255.3 million, Los Angeles Times, 2012-05-07. Retrieved on 2020-10-11. “Irving H. Picard is expanding an existing lawsuit to also include three of Madoff’s sons’ spouses. The suit claims that the women should have been aware of and reported Madoff’s fraud, which bilked investors of $20 billion.”

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