Mark Madoff's Suicide Tightens Screws on Brother

Mark's death won't stop cases against brother Andrew

By Rob Quinn, Newser Staff

Posted Dec 13, 2010 5:03 AM CST | Updated Dec 13, 2010 6:45 AM CST

(Newser) – Bernie Madoff's son Mark may have committed suicide on Saturday but the lawsuits against him and his brother, Andrew, stemming from their father's Ponzi scheme are alive and well. Andrew Madoff, now Bernard Madoff's only surviving son, had the same responsibilities as his brother at the family firm, and is now expected to be the focus of even more attention than before in civil and criminal investigations, the Daily Beast reports.

Andrew, the younger of the two brothers, and Mark each received some $60 million from their parents and from family enterprises that rightfully belongs to swindled investors, according to bankruptcy trustee Irving Picard. Neither brother had anything to do with their father after they turned him in 2 years ago. Andrew—described by associates as the stronger of the two brothers—has been trying to build up a family disaster counseling business in recent months. Click here for more on Mark Madoff's suicide.

[Images (1)]

[Quotes (1)]

Medical examiner staff remove the body of Mark Madoff from his apartment building over the weekend. (AP Photo/Mary Altaffer)

« Prev« Prev | Next »Next » Slideshow

The trustee will move forward with all the litigation that has been filed, including the litigation in which Mark Madoff is named. - David Sheehan, counsel
for bankruptcy trustee Irving Picard

« Prev« Prev | Next »Next » Slideshow

CLICK BELOW TO VOTE

12%

61%

16%

To report an error on this story, notify our editors.

More Newser Stories

Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

$199M suit spreads blame to firm's execs

(NEWSER) - The trustee in the Bernie Madoff case, delivering on his threat to sue the imprisoned fraudster's relatives and co-workers, filed a $199 million lawsuit today in bankruptcy court. Rather than alleging that they knew about Bernie's Ponzi scheme, Irving Picard's complaint takes issue with the way brother Peter, sons Mark and Andrew, and niece Shana did their jobs. It charges that they were "completely derelict" in their responsibilities to investors, the New York Times reports. More»

Trustee Wants $30M More From Madoffs

Irving Picard sues, again, for money

(NEWSER) - The court-appointed trustee seeking to recover billions of dollars lost by Bernie Madoff is suing for $30 million that he says the Madoff family invested in oil, gas, and tech, reports the AP . The suit filed by trustee Irving Picard says the investments were used as vehicles to funnel money out of Madoff's business, and comes as a follow-up to the lawsuit he filed in November seeking nearly $200 million from Madoff family members who he said lived lavishly while using the family business like a "piggy bank." More»

Help Wanted: No Madoffs Need Apply

Even those cleared of wrongdoing can't find finance work

(NEWSER) - Add his former employees to the list of of Bernard Madoff's victims—and that includes his sons. Wherever it appears, the Madoff name on a résumé is toxic for those trying to continue to work in finance, experts say. Mark Madoff, who worked for his father for 20 years, is reportedly trying to find a job in trading. Fat chance, one employer tells the Wall Street Journal : “He's untouchable in any firm that deals with the public.” More»

Trustee to Sue Madoff's Sons, Brother, Niece

He'll seek $198 million; sons may also have 'criminal problem'

(NEWSER) - Bernie Madoff’s sons, brother, and niece will all be sued this week for $198 million, the trustee in charge of sorting out the Ponzi mess said last night. Sons Mark and Andrew Madoff in particular withdrew roughly $35 million, despite making little if any investment. “Whether or not they have a criminal problem, we will pursue them as far as we can,” Irving Picard, the trustee, told 60 Minutes. More»

Madoff's $100K AmEx Bills Point to Rampant Abuse

Investors' money kept family living luxe

(NEWSER) - Ponzi-schemer Bernard Madoff used investors’ money as a “personal piggy bank” to support family, as well as some staff, extravagances, ABC reports. Documents filed in New York bankruptcy court show that Ruth Madoff used the company card to purchase nearly $5,000 of clothing at Paris boutiques last January, while sons Andrew and Mark charged ski vacations to the company. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Mark Madoff's Suicide Tightens Screws on Brother

Mark's death won't stop cases against brother Andrew

[Images (1)]

[Quotes (1)]

OTHER STORIES ON OUR RADAR

Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Irving Picard • Andrew Madoff • Mark Madoff • Mark Madoff suicide

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

$199M suit spreads blame to firm's execs

Trustee Wants $30M More From Madoffs

Irving Picard sues, again, for money

Help Wanted: No Madoffs Need Apply

Even those cleared of wrongdoing can't find finance work

Trustee to Sue Madoff's Sons, Brother, Niece

He'll seek $198 million; sons may also have 'criminal problem'

Madoff's $100K AmEx Bills Point to Rampant Abuse

Investors' money kept family living luxe

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?