As Losses Mount, Madoff Son Goes Shopping

Investment scam doesn't appear to hinder family's holiday spending

By Rebecca Smith Hurd,  Newser User

Posted Dec 22, 2008 12:00 PM CST

(Newser) – Watching investors lose their shirts on Bernard Madoff’s investments didn’t deter his son and daughter-in-law from a holiday shopping spree yesterday, the New York Post reports. Andrew Madoff, who worked for Dad’s failed financial firm, and wife Deborah power-shopped SoHo, snapping up items from J.Crew, Kidrobot, Longchamp, and American Eagle. The two have been separated for a year, the Post adds, and Deborah served him divorce papers the same day his dad was arrested.

Meanwhile, Madoff’s neighbors in the Hamptons are worried they may have to move before next Christmas rolls around, thanks to his $50 billion investment scam. “I feel stretched beyond belief. I’m just trying to marshal the energy to keep going,” said one, who invested with Madoff for 20 years. “He’s a terrible, venal person.”

Bernard Madoff lives on New York City's Upper East Side. He is accused of running a phony investment business that amounted to nothing more than a giant Ponzi scheme.
Bernard Madoff lives on New York City's Upper East Side. He is accused of running a phony investment business that amounted to nothing more than a "giant Ponzi scheme."   (AP Photo)
Shoppers walk along Fifth Ave. Wednesday, Nov. 26, 2008 in New York.  The holiday shopping season begins Friday with a blitz of early morning specials. But for some merchants, it's essentially already over.
Shoppers walk along Fifth Ave. Wednesday, Nov. 26, 2008 in New York. The holiday shopping season begins Friday with a blitz of early morning specials. But for some merchants, it's essentially already...   (AP Photo/Mark Lennihan)
Bernard Madoff, chairman of Madoff Investment Securities, returns to his Manhattan apartment after making a court appearance last week in New York.
Bernard Madoff, chairman of Madoff Investment Securities, returns to his Manhattan apartment after making a court appearance last week in New York.   (AP Photo)
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