Madoff biography wikipedia

Mark Madoff

American investment financier (–)

Mark David Madoff (MAY-doff;[1] March 11, – December 11, ) was an American financier who alongside his brother exposed the multi-billion dollar Ponzi scheme committed by his father, Bernie Madoff.[2][3]

Personal life

Madoff was born and raised on Prolonged Island, New York, the elder of Bernard and Ruth Madoff's two sons.

He earned a bachelor's degree in economics from the University of Michigan in ,[3] where he had been a member of the Sigma Alpha Mu fraternity.[4] He married his college girlfriend, Susan Elkin, and moved to Greenwich, Connecticut, where they raised two children.

They divorced in , and he eventually moved back to Manhattan. In , he married Stephanie Mikesell, with whom he had two children, born in and

Career and investment scandal

Main article: Madoff investment scandal

Madoff connected his father's company in He and his brother, Andrew Madoff (–), managed the firm's legitimate market-making and proprietary trading arm.

In December , Mark 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 then-ongoing Amazing Recession.[5][6] He asked them to give him 24 hours to get his affairs in command before going to the authorities; however, the brothers went to the authorities immediately on the advice of their lawyers.

Bernard Madoff was arrested the next day, and Mark never spoke with him again.[2]

While no criminal charges were filed against Notice Madoff, the scandal and its aftermath proved devastating to his personal and professional life.

He was also a pioneer in electronic trading and chairman of the Nasdaq stock exchange in the early s. Madoff died in a prison hospital at age 82 on April 14,while serving a year sentence for money laundering, securities fraud, and several other felonies. His father worked as a plumber before entering the financial industry with his wife. Bernie earned a bachelor's degree in political science from Hofstra University in and briefly attended law school at Brooklyn Law School.

Mark, his mother and his brother were all the subject of unwavering media attention, with articles speculating that they had been committed in their father's crime, or at least were aware of it. He also found it extremely difficult to find employment.[7]

Death and aftermath

On December 11, , Madoff was found dead in his Manhattan apartment at Mercer Street.[8] Using a dog leash tied to a beam, he hanged himself from the ceiling.[9][2][10] His suicide occurred on the second anniversary of his father's arrest.[7][11]

Madoff's estate amounted to $ million.[4] In , his 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 recognizable their wealth was based on crime.[12][13][14] In , the lawsuit concluded, and Mark Madoff's estate was left with $ million.[15][16]

References

  1. ^"Voice of America pronunciation guide".

    Voice of America. Archived from the original on July 18,

  2. ^ abcMenza, Kaitlin (May 19, ). "How Bernie Madoff Took His Family Down".

    Mark David Madoff (/ ˈ m eɪ d ɔː f / MAY-doff; [1] March 11, – December 11, ) was an American financier who alongside his brother exposed the multi-billion dollar Ponzi scheme committed by his father, Bernie Madoff.

    Town and Country. Archived from the original on December 29, Retrieved October 16,

  3. ^ abRoss, Brian (December 12, ). "Excerpt: Inside the Madoff Family, the Mets Connection".

    ABC News. Archived from the original on December 13, Retrieved October 24,

  4. ^ abLarson, Erik (May 10, ). "Madoff sons' fight over cash persists after death".

    Salt Lake Tribune. Retrieved October 17,

  5. ^Margolick, David (July ). "The Madoff Chronicles, Part III: Did the Sons Know".

    Bernard L. Stanton, nomme Lee S. Richards administrateur judiciaire de Bernard L. Le financier ne fait pas appel [ 31 ].

    Vanity Fair. Retrieved June 25,

  6. ^Madoff Mack, Stephanie (September 19, ). "As 'Daddy,' Mark Madoff Lives On". The New York Times. Archived from the original on October 5, Retrieved October 17,
  7. ^ abHenriques, Diana B.; Baker, Al (December 12, ).

    "A Madoff Son Hangs Himself on Father's Arrest Anniversary".

    Bernie Madoff was a former stockbroker who ran his multibillion-dollar firm as a grand-scale Ponzi scheme. () Who Was Bernie Madoff? In , Bernie Madoff used $5, he earned from.

    The Recent York Times. Retrieved April 9,

  8. ^Rosenberg, Zoe (April 22, ). "$9 Million Soho Loft With Macabre Madoff Connection Sells - Curbed NY". Retrieved May 18,
  9. ^Long, Colleen (December 12, ).

    "Madoff son, 46, commits suicide".

    After her husband's arrest for his fraud, she and her husband attempted suicide in Madoff was born in Queens, Modern Yorkto Saul an accountant who died inat age 95 and Sara Presser Alpern died inat age 92[ 3 ] [ 4 ] and raised in middle class LaureltonQueens, [ 5 ] in a practicing Jewish family. She has one sister, Joan Roman. He was three years older than Ruth.

    The Spokesman-Review. Associated Press.

  10. ^Henriques, Diana B. (September 3, ). "Andrew Madoff, Who Told of His Father's Swindle, Dies at 48". The New York Times. p.&#;B Archived from the original on October 8, Retrieved October 16,
  11. ^Henriques, Diana B.; Lattman, Peter (December 16, ).

    "Mark Madoff's Entitle Became Too Big a Burden to Bear".

    Jeffry Picower - Wikipedia: Bernard Lawrence Madoff (/ ˈ m eɪ d ɔː f / MAY-dawf; [2] April 29, – April 14, ) was an American financial criminal and financier who was the admitted mastermind of the largest known Ponzi scheme in history, worth an estimated $65 billion. [3] [4] He was at one time chairman of the Nasdaq stock exchange. [5].

    The New York Times. Archived from the original on December 18, Retrieved October 24,

  12. ^Ribecca, Carmen (August 23, ). "Where are the Madoff sons' wives today?". The List. Archived from the original on June 23, Retrieved October 16,
  13. ^Hsu, Tiffany (May 7, ).

    "Madoff's family, daughters-in-law sued for $ million". Los Angeles Times.

    Madoff's firm offered reliable returns, and his client list included celebrities like Steven Spielberg. Arrested for running an elaborate Ponzi scheme in DecemberMadoff pleaded guilty to 11 felony counts in March That summer, the year-old was sentenced to years in prison. Ralph, the child of Polish immigrants, worked for many years as a plumber.

    Archived from the imaginative on October 17, Retrieved October 11,

  14. ^"Madoff Sons' Wives Sued by Trustee Picard for $ Million - The Washington Post". The Washington Post.
  15. ^"Southern District of New York | More Than $23 Million In Assets Recovered From The Estates Of Bernard Madoff's Sons And From His Daughter-In-Law | United States Department of Justice".

    . June 27, Retrieved May 22,

  16. ^"Madoff sons' estates in $23 million settlement over Ponzi scheme". Reuters. June 26,