Official: Madoff son found dead in NYC apartment

Official: Madoff son found dead in NYC apartment

www.foxnews.com

A law enforcement official tells The Associated Press that a son of Bernard Madoff has been found dead in New York City of an apparent suicide.

The official says Mark Madoff was found hanged in his Manhattan apartment.

A family member notified police around 7:30 a.m. Saturday.

The official spoke to the AP on the condition of anonymity because he wasn't allowed to speak publicly about the case.

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Related AboveTopSecret.com Discussion Threads:
Madoff, Banking Bailout and the Mob?
Madoff Reportedly Tells Inmates of Secret $9 Billion Stash

Where did all the money the Madoff clan steal go? There is much more to this tangled tale than meets the eye, I believe. Hanging would suggest suicide, but who really knows? The related links talk of Madoff bragging about his $9 billion secret stash.

I would not be surprised if the mafia was involved in this one. Madoff's sons were investigated in relation to the father's case and certainly knew the details of the fraud.

www.foxnews.com
(visit the link for the full news article)

Yah right im sure he commited *suicide*

Probally pissed his father off and his father put a hit on him in jail.

Can you imagine being that rich and THEN thinking things are so bad committing sucide..

They think they got it sooooooooooo bad these elites and their kids amaze me sometimes.

Maybe he was going to or did snitch on his father or saw/knew something and was going to spill the beans.

Did this guy have a life insurance policy?

I can not imagine that it would be worth more money then said billions.

reply to post by thecinic


Yeah, because money determines happiness and mental health......

This is tragic news, whether the children knew what was going on or not. If the child was killed because someone was trying to get at the father where it hurt....all the money in the world can not undo that. And surely, even if you had all the money in the world, would you not give it all up for the safety of your family?

Money can only bring us happiness to a certain point. This materialistic society leads many to believe that the pursuit of money, and the possession of it brings happiness. Well, after covering your basic needs, it has been shown that having more does not make a person anymore happier than one that doesn't. People are fooled into thinking that they will somehow become happy if they attain riches, power, fame, etc. How wrong they are. All you have to do is look around at all of the famous, powerful, rich people that are miserable to realize how untrue that is.

There has been a lot of public outcry from the Madoff victims, obviously no one in New York wants anyone with a Madoff name enjoying any of the ill begotten gains. My guess is they won't bother with a wax corpse, they will just set him up in another state or country with a different name.

Originally posted by gandhi
reply to post by thecinic

 

Yeah, because money determines happiness and mental health......

Hey sister give me that money and i'll show you how happy I get.. You can come over and party if you want.

reply to post by thecinic


But she's right. I get a kick out of imbeciles who equate money with success and happiness. More times than often you see a result such as this. The only good that can come from this event is that ol Bernie hopefully feels even worse while he's rotting away in a cell.
brill

Originally posted by brill
reply to post by thecinic

 

But she's right. I get a kick out of imbeciles who equate money with success and happiness. More times than often you see a result such as this. The only good that can come from this event is that ol Bernie hopefully feels even worse while he's rotting away in a cell.
brill

edit on 11-12-2010 by brill because: (no reason given)

Thats what people with no money say I beg to differ.

Don't get me wrong I tell myself that just to make me feel better when things like this happen, but don't really believe it.

I'm not saying money BUYS happiness, but it sure can make you happy.

reply to post by gandhi


I don't care what they say, if I had money, I'd be alot more happier then than I am now.

Whether *we* equate money with happiness is sort of moot, people in that world certainly do. And I was googling around it, seems Mark Madoff and his brother were having trouble getting jobs in the financial industry (no surprise!), and they were being sued by plaintiffs who were going to take all their money:

Trustee sues 4 more Madoff relatives in battle to recover money

While not accusing them of knowing participation in the scam, the lawsuit charged that they "were completely derelict" in carrying out the compliance and supervisory responsibilities required by their jobs at the firm. "As a result they either failed to detect or failed to stop the fraud, thereby enabling and facilitating the Ponzi scheme," Picard alleged. "Simply put, if the family members had been doing their jobs — honestly and faithfully — the Madoff Ponzi scheme might never have succeeded, or continued for so long."

So either they were complicit in the scheme, or they were completely negligent and derelict in their duties, and were going to be bankrupted, basically. Their father really did destroy their lives too, my contempt for Bernie Madoff only deepens, he is basically responsible for his own son's suicide - if indeed that is what this is.

Then there's this Vanity Fair article which describes their grief and shock and obsession over the affair. But interestingly one of the first commenters has this to say about their so-called innocence:

How do I know Uday and Qusay, I mean Mark and Andrew knew? Well, it's easy...they were THE traders for the firm. Bernie has admitted that no trades were actually made. Don't you think the traders themselves would know whether a trade went through or not? Come on.

Back to the USA Today article - citing the plaintiffs lawsuit that alleges gross and improper fake trading and pilfering of the fund to pay for Mark Madoff and other family member's lavish and grotesque lifestyles:

Like his uncle, Mark Madoff received millions of dollars from fictitious and backdated transactions in shares of Dell and Microsoft, the lawsuit charged. The Dell stock gains listed in one of his Madoff accounts came from stock purchases that purportedly occurred "more than 18 months before the account was opened," Picard alleged. Additionally, the scam behind the family business allegedly "paid for all aspects" of Mark Madoff's lavish lifestyle, from expensive homes in Manhattan, Nantucket and Greenwich, Conn., "to the mattress and box spring he slept on, the television he watched in his home gym, and the outdoor shower in his home," the lawsuit charged.

Considering all this, I believe Mark Madoff probably did commit suicide and wasn't murdered in some attempt to find his father's missing billions. He probably did it because of guilt and grief or shame or some self-pity over no longer being able to live in the style he was accustomed to.

It is unfortunate for those who cared about him, his family, but he really should have been arrested and prosecuted if those allegations are true. Maybe he was going to be, maybe that's what led to this.

What a sad world, where money is worshipped and money rules.

Originally posted by gandhi
reply to post by thecinic

 

Yeah, because money determines happiness and mental health......

if youre wealthy you may not be able to buy happiness, but you certainly are able to rent it for a short while.

reply to post by Nicorette

Well, this sort of thing is usually expected once a human has become spoiled rotten. It's like those lotto winners that blow through their millions in a few years and rather than face going back to their old job they would rather kill themselves. Spoiled rotten meat. Toss it away, it has become spoiled rotten meat, useless and worthless. And besides, it's not like humans are on the endangered species list .. yet. Plenty more like him to take his place now that he's gone. They'll probably have his apartment re-rented by the end of the month.

One down, several thousand oligarchial sociopaths to go.

reply to post by Nicorette


I might be incorrect, but doesn't a ponzi scheme work by you taking money from rube A and paying off previous rube B with it? Basically you keep just a percentage of the actual money and use new investors to pay off old ones, which would mean that there is relatively little actual money left, most of it would have been paid out to former suckers.

But this may be just a New York style pig sticking.

Out of all those billions it would be impossible to "loose it all"

Swiss bank accounts, you can bury it, you can have it stashed in a vault in a home no one knows you have..

Theres got to be more to it..

A billionare is NOT dumb enough to put all their eggs in one basket, you can count your bills on that.

Originally posted by pajoly
One down, several thousand oligarchial sociopaths to go.

Actually I like this take on the matter much better, thanks
2nd

brill

I'm also suspicious of this suicide. Did Mark know something that endangered the nest-egg? The fortune had to go somewhere and I'm wondering if Mark Madoff knew about it and posed a threat. Of course, the bigger they are, the harder they fall so he could have just committed suicide due to his new place at the trough. However, we can never take things at only face value when it comes to the Madoff crew, as it has far reaching implications. However, at this moment I'm not sold on the idea that it is anything other than suicide. Even if it wasn't a suicide and only made to look that way, we will probably never know for sure. We can't count on the Fouth Estate (or lack thereof) to ask any serious questions.


--airspoon

Originally posted by whatukno
reply to post by Nicorette

 

I might be incorrect, but doesn't a ponzi scheme work by you taking money from rube A and paying off previous rube B with it? Basically you keep just a percentage of the actual money and use new investors to pay off old ones, which would mean that there is relatively little actual money left, most of it would have been paid out to former suckers.

But this may be just a New York style pig sticking.

Well what you do is you take all their investment, promise amazing rates of return (much better than banks, stocks, etc.), because you have some "magic touch" or "sure-thing" or whatever line of bull the victims believe. Then you just put all their money into the bank, use it as you see fit, and send them falsified statements showing their "investment" is growing. This attracts more people to the scheme, so you end up with more and more money - and if anyone wants to make a withdrawal, no problem you let them have their money back with their "gains" - because you have more and more investors coming in.

The Madoff scheme had a lot more to it than that, mainly because it went on so long and is by the largest swindle of this type in history, and he had protection from the SEC which repeatedly refuse to investigate even though other hedge fund managers said "This is total crap, nobody can consistently deliver these kind of returns year after year."

So basically Madoff's clan burned through 60 billion dollars and the vast majority of that is missing, gone, no one really knows where.

reply to post by Nicorette


I know it's really easy....and tempting to be snarky about this guys son, but take a look at that "privileged" young man's face that's on the mainstream news. Those eyes reveal someone who is filled with emotional torment. I can't help but feel sorry for him. He made a terribly bad decision, but I hope he is finding peace now.