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Mark Madoff

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Mark David Madoff
BornMarch 11 1964
Long Island, New York
Died (aged 46)[1]
Manhattan
EducationUniversity of Michigan, BA, Economics
Occupationfinancier
Known forreporting his father's swindles
Spouses
  • Susan Elkin
    ​
    (div. 2000)​
  • ​
    (m. 2003)​
Children4
Parents
Relatives

Mark David Madoff (March 11 1964 – December 11, 2010) was an American financier, best known for his role in exposing the swindles of his father, Bernie Madoff.[2][3][4]

He earned a bachelor's degree in economics from the University of Michigan in 1986.[3][4] He joined the Sigma Alpha Mu fraternity there.[5]

Mark and his brother, Andrew Madoff (1966–2014), worked for their father's firm, but in a division separate from the Ponzi scheme.[3] 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.[6] 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.[3][7]

He made a suicide attempt in 2009 and died by suicide in 2010.[3] His children from his second marriage were 2 and 4 years old.[8]

Madoff's estate amounted to $18.6 million.[9] In 2012 Madoff's ex-wife, Susan Elkin, and widow, 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.[3][7][10]

References

  1. ^ Long, Colleen (December 12, 2010). "Madoff son, 46, commits suicide". The Spokesman-Review. Associated Press.
  2. ^ Henriques, Diana B.; Lattman, Peter (December 16, 2010). "Mark Madoff's Name Became Too Big a Burden to Bear". The New York Times. Manhattan. Archived from the original on December 18, 2010. Retrieved October 24, 2020. Unknown to almost all of his subscribers, that publisher was Mark David Madoff, the older son of the convicted swindler Bernard L. Madoff.
  3. ^ a b c d e f Kaitlin Menza (May 19, 2017). "How Bernie Madoff Took His Family Down". Town and Country magazine. Archived from the original on December 29, 2019. Retrieved October 16, 2020.
  4. ^ a b Ross, Brian (December 12, 2010). "Excerpt: Inside the Madoff Family, the Mets Connection". ABC News. Archived from the original on December 13, 2010. Retrieved October 24, 2020. Mark was the eldest, born in 1964. ... Mark received a Bachelor of Arts in Economics at the University of Michigan ...
  5. ^ Sara Lieberman (March 2013). "Madoff's Ultimate Victim" (PDF). Page Six Magazine. pp. 36–42. Archived (PDF) from the original on February 21, 2016. Retrieved October 17, 2020. 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.
  6. ^ Diana B. Henriques (September 3, 2014). "Andrew Madoff, Who Told of His Father's Swindle, Dies at 48". The New York Times. p. B19. Archived from the original on October 8, 2019. Retrieved October 16, 2020. 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.
  7. ^ a b Carmen Ribecca (August 23, 2017). "Where are the Madoff sons' wives today?". The List. Archived from the original on June 23, 2018. Retrieved October 16, 2020. 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.
  8. ^ Stephanie Madoff Mack (September 19, 2012). "As 'Daddy,' Mark Madoff Lives On". The New York Times. Archived from the original on October 5, 2019. Retrieved October 17, 2020. 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.
  9. ^ Erik Larson (May 10, 2016). "Madoff sons' fight over cash persists after death". Salt Lake Tribune. Retrieved October 17, 2020. Mark Madoff's will listed assets of $18.6 million, including almost $9 million in stocks and bonds.
  10. ^ Tiffany Hsu (May 7, 2012). "Madoff's family, daughters-in-law sued for $255.3 million". Los Angeles Times. Archived from the original on October 17, 2020. Retrieved October 11, 2020. 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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