The Madoffs have gone down in history as a family that will be talked about for a long time in American business circles and society at large. They have concocted one of the greatest Ponzi schemes ever known in modern history. Bernard Madoff was the mastermind behind it all, but unfortunately, and as is common in financial crimes like this one, the effects of his actions took a toll on his family and led directly to the death of one of his sons, Mark Madoff.
Here we will find out who Mark is, his personal life (wife and children), his role in the Ponzi scheme, and why he committed suicide. So saturate yourself with the following paragraphs.
Mark Madoff Bio
Mark is the eldest son of Bernie Madoff and Ruth Madoff, he was born on March 11, 1964, and has a younger brother, who also died, Andrew Madoff (1966-2014). Their father was a former stockbroker, financier, and investment advisor, but is now serving time as a con man in the Butner Federal Prison in Durham, North Carolina. There are some reports that claim he died in 2017 during his 150-year sentence, but several other reports say he is still very much alive.
Bernard L. Madoff started a penny brokerage business in the 1960s, which evolved into Bernard L. Madoff Investment Securities. At the time of his activity, the company had over 4,800 clients. Mark Madoff and his brother Andrew worked in the firm as stockbrokers.
There is no record of Mark’s childhood, such as the high school he attended, sports he played, and all the things that typically paint a picture of his early life. However, we do know for sure that he studied and graduated from the University of Michigan and started working as a licensed stockbroker in his father’s company in 1987.
While working at Bernard L. Madoff Investment Securities, where money was hardly ever scarce, Mark Madoff lived a life that was only a dream for many Americans. According to reports, he had spent up to $77,000 on chartering private jets in the three months before the company’s debacle, flying from one Ascension cinema to another across the country. When he wasn’t traveling by jet, Mark spent his time at his $6.5 million, a 3.3-acre sanctuary in Nantucket or his farmhouse in Tony Greenwich, Conn. whenever he was on vacation. In fact, just like any member of his family, Mark had everything they needed at their disposal, even though the source of their wealth was questionable at the time.
As time passed, Bernard, who was also a former NASDAQ chairman, knew that it would not be long before the fraud in his company was exposed. In December 2008, he revealed to his sons Andrew and Mark Madoff that the asset management arm of Bernard L. Madoff Investment Securities LLC was a massive Ponzi scheme (not his exact words). The Madoff brothers were desperate about the revelation made to them by their father and reported to the authorities, who quickly took action, which meant the end of the once gigantic Bernard L. Madoff Investment Securities.
Family – Wife, Children
Mark Madoff was married to Stephanie Madoff Mack from 2004 until his death in 2010. Both were parents of 4 children, 2 from his previous relationship, and another 2 they had together. From his previous relationship, he had Daniel and Audrey Madoff, while they had Kate and Nicholas Madoff with Stephanie, who were 4 and 2 years old respectively at the time he got tired of the many problems in his life.
Given the circumstances leading to Mark’s death and the deep financial difficulties, his family is still in, his wife and indeed all the other wives and ex-wives of the Madoffs have not been released. They are all involved in a $255.3 million lawsuit claiming that they should have known about the fraud in the family business and reported it to the authorities accordingly. Stephanie Madoff was sued for $27.5 million and Mark’s ex-wife Susan Elkin was sued for $2.4 million.
Why Did He Commit Suicide?
Mark Madoff no longer exists, but questions are still being asked as to what led to his death, considering that his lawyer Martin Flumenbaum had revealed that neither Mark nor his brother Andrew had been charged with the crimes of Bernard L. Madoff Investment Securities LLC, and in fact, they were not threatened with arrest. It also becomes disturbing when we learn that his brother, who lived for some time after Mark’s death free of arrest and court charges, died before his death due to lymphoma on September 3, 2014, in Manhattan, New York City, New York, USA.
Then why did Mark Madoff commit suicide? From the e-mail, he sent to his lawyer: “Nobody wants to hear the truth, take care of my family”, we concluded that he probably committed suicide because he was desperate about the upcoming two-year anniversary of his father’s arrest. Mark and his brother faced many investigations and lawsuits accusing them of profiting from a foggy securities and investment firm that was in fact a massive pyramid scheme.
He committed suicide by hanging himself with a dog leash hanging from a pipe on the ceiling of his living room in the SoHo loft. In the bedroom was his 2-year-old son Nich, who was sleeping peacefully without knowing what was going on. Before his death, on December 11, 2010, in Manhattan, New York City, New York, United States, Mark sent an email to his wife Stephanie, who was at Disney World, Florida with their daughter, to send someone to take care of their son.
However, before his death, Mark Madoff changed his children’s name from Madoff to Morgan to give them a shield against the public who would like to be kept up to date on events in their lives.