Mark David Madoff
March 11, 1964
|Died|| (aged 46)|
Manhattan, New York
|Education||University of Michigan, BA, Economics|
|Known for||Responses to his father's fraud, including suicide|
Mark David Madoff (March 11, 1964 – December 11, 2010) was an American financier, best known for his role in exposing the multi-billion dollar Ponzi scheme committed by his father, Bernie Madoff.
Madoff was born and raised on Long Island, the elder of Bernard and Ruth Madoff's two sons. He earned a bachelor's degree in economics from the University of Michigan in 1986. He joined the Sigma Alpha Mu fraternity there. He married his college girlfriend, Susan Elkin, and moved to Greenwich, Connecticut, where they raised two children. They divorced in 2000, and he eventually moved back to Manhattan. In 2003, he married Stephanie Mikesell, with whom he had two children, born in 2006 and 2008.
Mark Madoff joined his father's company in 1987. He and his brother, Andrew Madoff (1966–2014), worked in the firm's legitimate market-making and proprietary trading arm.
In December 2008, Madoff and his brother confronted their father over his plans to distribute hundreds of millions of dollars in bonuses to employees months ahead of schedule. The elder Madoff then confessed to them that his business was based on a "big lie", a long-running Ponzi scheme that was collapsing under the global financial crisis. He asked them to give him 24 hours to get his affairs in order, before going to the authorities. The brothers went to the authorities immediately on the advice of their lawyers, however; Bernard Madoff was arrested the next day. They never spoke with him again.
While no criminal charges were filed against Mark Madoff, the scandal and its aftermath proved devastating to his personal and professional life. Madoff, his mother and his brother were all the subject of constant media attention, with articles speculating that they had been involved in their father's crime, or at least were aware of it. He also found it incredibly difficult to find employment.
Madoff's estate amounted to $18.6 million. 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.
Mark was the eldest, born in 1964. ... Mark received a Bachelor of Arts in Economics at the University of Michigan ...
Mark Madoff's will listed assets of $18.6 million, including almost $9 million in stocks and bonds.
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.
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.
Unknown to almost all of his subscribers, that publisher was Mark David Madoff, the older son of the convicted swindler Bernard L. Madoff.
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.
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.
Presented content of the Wikipedia article was extracted in 2021-06-13 based on https://en.wikipedia.org/?curid=20752083