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IDemo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:24 AM
Original message
Official: Madoff son found dead in NYC apartment
Source: Associated Press

updated 1 hour 10 minutes ago 2010-12-11T14:12:02
breaking news

NEW YORK 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.

Read more: http://www.msnbc.msn.com/id/40617952/ns/us_news /
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Name removed Donating Member (0 posts) Send PM | Profile | Ignore Sat Dec-11-10 08:28 AM
Response to Original message
1. Deleted message
Message removed by moderator. Click here to review the message board rules.
 
Hepburn Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:48 AM
Response to Reply #1
5. Bentley? Forget that cheap shit. Check this out:


It's a Maybach:

The base price of a 2009 Maybach 57 is $344,000; the Maybach 57 S, $381,000; the Maybach 62, $394,000; the Maybach 62 S, $430,000, and the Maybach Landaulet semi convertible costs just over 1 million.. The Maybach 57 Zeppelin is priced at 406,000 ($580,000) and the 62 Zeppelin at 473,200 ($677,000).

http://en.wikipedia.org/wiki/Maybach

Guess the Bush tax cuts would just about cover one of those from someone in the right bracket.
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Devil_Fish Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-13-10 11:07 PM
Response to Reply #5
63. How lame. It dosn't look much diffrent then any thing else out there.
It's got 4 wheels and 4 doors. What justification could it have for costing that much? Looks like a Catti knock off to me.
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CanonRay Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:29 AM
Response to Original message
2. My favorite sign on Wall Street: "Jump you fuckers"
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TheCowsCameHome Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:50 AM
Response to Reply #2
6. Sick.
Not a bad idea, though.
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femrap Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 09:43 AM
Response to Reply #2
12. Mine, too.
I don't think it's sick....maybe I just have a black sense of humor.
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 01:24 PM
Response to Reply #2
33. you'll love the song
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CanonRay Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 04:26 PM
Response to Reply #33
49. You're right, I love it
Says exactly what I think about them.
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Ruperto31 Donating Member (250 posts) Send PM | Profile | Ignore Sun Dec-12-10 06:04 PM
Response to Reply #2
59. This saddens me, regardless of what this guy--or his dad--did.
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Jazzgirl Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:31 AM
Response to Original message
3. I didn't see your thread. I just posted an NYT alert.
It'll be interesting to find out why.
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JVS Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:40 AM
Response to Original message
4. Would it be wrong to protest this funeral?
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tavalon Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:54 AM
Response to Reply #4
7. Was he as bad as his father is?
If so, then no problem. Otherwise, leave the grieving alone.
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The Backlash Cometh Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 09:00 AM
Response to Reply #7
9. As bad?
Maybe he knew more than he let on and he knew his time in the free world was up?
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Celtic Merlin Donating Member (377 posts) Send PM | Profile | Ignore Sat Dec-11-10 10:05 AM
Response to Reply #4
14. If you were one of his victims, nothing at all wrong with protesting. [N/T]
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Elmore Furth Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:54 AM
Response to Original message
8. There is a Wide Circle of Suspected Co-Conspirators in Madoff Case
No one could have run this multi-billion dollar Ponzi scheme without help.

What goes around, sometimes comes around.



Two longtime back office employees of Bernard Madoff were arrested Thursday on charges that they helped the disgraced financier dupe investors for decades by making fictitious investments and that they cashed in on the epic Ponzi scheme themselves.

FBI agents arrested Joann Crupi at her house in Westfield, N.J., while Annette Bongiorno was picked up at her home in Boca Raton, Fla.

An indictment unsealed in federal court in Manhattan alleges that Crupi, 49, and Bongiorno, 62, "`executed' trades in the accounts of (wealthy clients) only on paper ... and that achieved annual rates of return that had been predetermined by Madoff."

Prosecutors, citing internal communications, say Bongiorno used a computer program designed to backdate trades and manipulate account statements.

FBI Arrests Two Former Madoff Associates




A source close to the Madoff defense team agreed that Madoffs main concern was to preserve as much assets as possible for his wife and children and to keep them from legal entanglements. The US attorneys office is still trying to resolve what is tainted or clean money, what real property in the US is appropriate for the Madofffs to keep, the source said.

That may prove difficult. Sources say new information has surfaced that suggests several members of Madoffs inner circle transferred assets to their wives, transactions thought to be laundered through an English bank.

Feds Suspect Wide Circle of Co-Conspirators in Madoff Case

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stray cat Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 09:07 AM
Response to Original message
10. Supposedly he and his brother turned their father in when he confessed to them
I still go for the idea of innocent until proven guilty and if so the son is another victim
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customerserviceguy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 11:33 AM
Response to Reply #10
30. My contention is that the old man
told them to do it, so they could keep some share of the ill-gotten gains that Bernie had ripped off for the family. Maybe this son couldn't live with the guilt of what his family had done.
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mstinamotorcity Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 09:30 AM
Response to Original message
11. I don't know
but if you stole as much money as Mr. Madoff and sons, this may or may not be a suicide. Just because its being reported that way, doesn't make it so.Isn't the word "apparent suicide" means they need confirmation,and it just looks like it. I don't think when he was stealing people's life savings, he would have ever thought it would lead to this. Makes me wonder what the 2% think???
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Frank Booth Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 11:16 AM
Response to Reply #11
28. Financial fraud is a very common means of getting into the top 2%.
Actually, if you're any good at it then you're in the top 1%.

Many, many rich people in this country view the potential of getting jailed in terms of a cost-benefit analysis. If you can make $10 million through defrauding people and/or the government and have a 1% chance of ever serving jail time, than for "risk-takers" it's a great bet. The more money you can steal, the better your chances of being successful because you can hire better lawyers and cultivate more powerful connections.

The reality is, white collar crime is almost never prosecuted. And when it comes to civil litigation, many people figure that if they can steal $1 million, and then settle the claim for $400,000, they've still made a great profit.
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mstinamotorcity Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 12:52 PM
Response to Reply #28
32. Ahhh yes, they are the risk takers
they want it all. And they are willing to bet the farm on it. When they destroy people's lives do they take any thought to their own. Listen whether you live in gated communities or not,when you start affecting peoples lives so your greed can comfort you, well shouldn't that same greed comfort you when you have your troubles. I don't wish Mr. Madoff's son no ill will. They say its HELL to lose a child. I have seen people go through it and it wasn't a pleasant sight. His son had to live with the stigma of what his father did. Scrutiny from the Feds, the Public,Friends may have been a little too much. Anyone who his father ruined financially would see his his sons as easy targets at putting hurt to Bernie Madoff.

And what I'm saying is you have the Billionaires Boys Club playing right here in America only they are using Insurance,Wall Street,Banking and Investment Firms, and Big Corp to do their dirty work and reap the profits. And systematically destroying lots of FAMILIES for Profit. How long with people knowing the truth who they are, will you think it will be before we don't see some ceo or repug getting their ass tore up or in a hostage situation??? Or something happening to one of their children??? See they may have enough money to do some things but avoid human pain,is something unavoidable!!!!
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Kolesar Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 05:06 PM
Response to Reply #28
50. Got any examples? eom
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Frank Booth Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:03 PM
Response to Reply #50
51. Find a Beverly Hills phone book and pick a name at random.
There's a pretty good chance the person made his/her money by defrauding others.
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Kolesar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-13-10 07:32 AM
Response to Reply #51
61. that was worse than I could have hoped for...eom
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rug Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 09:54 AM
Response to Original message
13. Two years to the day of his father's arrest.
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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:11 AM
Response to Original message
15. Was he facing prosecution?
If so, someone should check the box to be sure he is in it.
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Jazzgirl Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:26 AM
Response to Original message
16. NYT NEWS ALERT: Madoff Son Found Dead of Apparent Suicide, New York Police Say
Edited on Sat Dec-11-10 08:33 AM by Jazzgirl
Source: NYT Tweet

Madoff Son Found Dead of Apparent Suicide, New York Police Say.

No link yet.



No link yet but I am watching.

Edited:

Mods, I did not see the previous posting. Please lock.
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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:26 AM
Response to Reply #16
17. Official: Madoff's son found dead in apparent suicide

Mark Madoff found hanged in NYC apartment on second anniversary of father's arrest

NEW YORK 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.

Mark Madoff and his brother, Andrew, were under investigation but hadn't faced any criminal charges in the massive Ponzi scheme that led to their father's jailing.

http://www.msnbc.msn.com/id/40617952/ns/us_news/
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Jazzgirl Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:26 AM
Response to Reply #17
18. Thanks Joanne. I didn't see a previous post.
Edited on Sat Dec-11-10 08:35 AM by Jazzgirl
I am surprised....not! :-)

Edited again to add NYT link anyway.

http://www.nytimes.com/aponline/2010/12/11/business/AP-...
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:26 AM
Response to Reply #16
19. All such events are tragedies
and its not good to speak ill of the dead.
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Frisbee Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:26 AM
Response to Reply #19
20. Unless their name is Dick Cheney.
When his time comes, I'll happily make an exception.
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:26 AM
Response to Reply #20
25. So will I
and the rest of the civilised world too I guess.

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jerseyjack Donating Member (369 posts) Send PM | Profile | Ignore Sat Dec-11-10 10:26 AM
Response to Reply #16
21. Is their estate "estate tax" free?
Edited on Sat Dec-11-10 09:31 AM by jerseyjack
Is this another case where inheritance is passed on without being taxed because of the expiration of the current estate tax?
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rfranklin Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:26 AM
Response to Reply #21
22. As in Ken Lay's "death," it might protect the stolen funds from recovery
His death prevented the government from recovering a lot of money. Lay's wife got to keep it.
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FarCenter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 11:05 AM
Response to Reply #22
27. The trustee, Irving Picard, dropped about 200 suits into the hopper prior to the 12/11 deadline
To claw back funds from investors who had received more from Madoff funds than they had invested, i.e. were in a actual cash profit position.

The wife and sons were in some of the suits. At least two estates of deceased investors are also being sued, so I don't think that the suicide protects the funds in the estate.
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InkAddict Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:26 AM
Response to Reply #16
23. So, so rich...so, so poor...
Relatives living in pain...an example of the anguish that the father's behaviors set upon others... a husband in jail; a son deceased at his own hands...; grandchildren who have changed their name of infamy...: Condolences to RICH Ruth.
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Uben Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:26 AM
Response to Reply #16
24. Which one of Madoff's victims should get to tell him?
No sympathy for Bernie. He's a lying cheating sorry ass piece of shit who deserves no less than what he's getting.
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Doctor_J Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 10:47 AM
Response to Reply #16
26. Now if we could all of the families of all of the thieves...
there would have to be a lot of "special elections" over the next few months, but would be well worth it.
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cbdo2007 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 11:20 AM
Response to Original message
29. sad - don't ever think the things you do don't have an effect on your children.
Basically, Bernie killed his own son with his greed and fraud.

I try to be a good person but I'm tempted to do the wrong thing all day every day. Now that I have a little baby girl, it is so much easier to do the right thing now because I know that every single thing I do has an effect on her and her life.
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Quantess Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 12:18 PM
Response to Original message
31. There is a lot more than meets the eye
in the Madoff case. For one thing, I'm curious how the Swiss bank UBS Warburg is involved. Also Medici bank (?). Which I believe is now closed.

Why did Madoff confess so quickly. He claimed that he "was the only one involved in the Ponzi scheme". Yeah right.

Also, one of Madoff's sons was married to a woman who was an attorney who worked for the SEC. Hmmmm. And the SEC never once went after Madoff. Even though he was investigated several times by them. The stuff just doesn't add up.
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LuvNewcastle Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 01:37 PM
Response to Original message
34. Madoff Son Found Dead
Source: Yahoo

NEW YORK The eldest son of disgraced financier Bernard Madoff hanged himself by a dog leash in his Manhattan apartment on Saturday, the second anniversary of his father's arrest in a multibillion-dollar Ponzi scheme that swindled thousands of investors of their life savings, law enforcement officials said.
Mark Madoff, 46, was found hanging from a ceiling pipe in the living room of his SoHo loft apartment as his 2-year-old son slept in a nearby bedroom, two law enforcement officials told The Associated Press.
Madoff, who reported his father to authorities, has never been criminally charged in the biggest investment fraud in U.S. history, that has snared a half-dozen Madoff employees.
Mark Madoff and his brother Andrew have said they were unaware of their father's crimes. But they have been remained under investigation and been named in multiple investor lawsuits accusing them of profiting from the scheme.

Read more: http://news.yahoo.com/s/ap/us_madoff_son
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ZombieHorde Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 01:37 PM
Response to Reply #34
35. I hope his son did not see him. nt
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LuvNewcastle Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 01:37 PM
Response to Reply #35
36. Yeah, me too.
The article said that the boy was asleep in the next room, so hopefully he wasn't awake during or after the suicide.
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boppers Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 09:11 PM
Response to Reply #35
54. His son is 2.
The concept of death doesn't make much sense at that age.
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radhika Donating Member (563 posts) Send PM | Profile | Ignore Sat Dec-11-10 01:37 PM
Response to Reply #34
37. Maybe the timing was tied to this....
Yesteray: Austrian banker sued for $19.6 as Madoff co-conspirator. Unraveling?

http://finance.yahoo.com/news/Madoff-trustee-sues-Austr...
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LuvNewcastle Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 01:49 PM
Response to Reply #37
38. I'm thinking there's more to this story, too.
I don't think he killed himself just because he was depressed; he probably didn't like what he saw in his future.
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spotbird Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 02:14 PM
Response to Original message
39. Bernie Madoff's Son Mark Reported Dead [Updated](Suicide)
Source: NYMag

Bernie Madoff's son Mark, 46, was found dead in his Soho apartment this morning in an apparent suicide, on the second anniversary of the day his father was arrested. His wife, Stephanie, currently in Florida, reportedly sent her father to the family's apartment after reading worrisome e-mails from her husband, and Mark's father-in-law found him hanged early this morning. Mark's 2-year-old son was sleeping in a nearby bedroom, as was their labradoodle. There was no note.




Read more: http://nymag.com/daily/intel/2010/12/bernie_madoffs_son...



He killed himself and left his 2 year old alone in the apartment. He was an asshole just like his dad.
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glowing Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 02:14 PM
Response to Reply #39
40. I don't think he killed himself. I think he was killed.. Suicides happen alone
not with the family pet and child along-side.. unless, of course, the person decides to kill the family first before killing himself.
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spotbird Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 02:14 PM
Response to Reply #40
41. Could be, like the rest of it,
we'll never know.
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spotbird Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 02:14 PM
Response to Reply #40
43. Jeffry Picower
also died at a convenient time last year. Kind of reminds me of Ken Lay's death.
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Catherina Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 02:14 PM
Response to Reply #39
42. I'll weep for his afterlife redemption, Fuck him. Fuck them all.
I want to see the day where more and more of them are jumping out of windows and killing themselves. Harsh? Fuck yeah that's harsh but they have harmed millions of innocent people. I have no sympathy for assholes who gorge on goose foie gras while the rest of us starve.
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polly7 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 02:20 PM
Response to Original message
44. I feel bad for anyone who goes through the mental torture they do before deciding
to take their own life. Sorrier for the families left behind. It's sad all around.
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Taverner Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 02:38 PM
Response to Original message
45. As bad as Bernie was, his grandkids don't deserve this
Mark Madoff's 2 year old son has been deprived of a father

I wouldn't with that on anyone
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bluestateguy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 03:27 PM
Response to Original message
46. Never mind
Edited on Sat Dec-11-10 03:28 PM by bluestateguy
nt
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laylah Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 03:58 PM
Response to Original message
47. I cannot celebrate this...
YES, they were bloodsuckers, greedy bastards from hell...however, it was still a human life. May he find the peace he deserves.

Jenn
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 04:15 PM
Response to Reply #47
48. But why ruin a good compost pile? n/t
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qanda Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-12-10 05:44 AM
Response to Reply #47
55. I'm with you
My condolences to his family.
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Posteritatis Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:04 PM
Response to Original message
52. Suicide sucks; that is all. (nt)
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-11-10 08:58 PM
Response to Reply #52
53. When the result of bullying or mental instability, I agree
When the result of being just plain chickenshit, and unwilling to face to consequences of your deeds, I agree also. But then it sucks for those that deserve their day before a magistrate.

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WinterParkDonkey Donating Member (103 posts) Send PM | Profile | Ignore Sun Dec-12-10 05:33 PM
Response to Reply #53
56. Legal Question....
If Mark Madoff is found in anyway responsible for being involved in the compsiracy at his father's firm, can his estate be held financially responsible?
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PurityOfEssence Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-12-10 05:38 PM
Response to Original message
57. He did this while his two year-old son slept in a room in the same apartment?
This needs some explaining.

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24601 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-12-10 06:01 PM
Response to Original message
58. Bernie chalks up another victim - hope he's OK with it being his
son.

If he was complicit in the scam, then this could be his last defiant act to avoid inheritance taxes for the next generation.

But if if he was unwitting and his family's shame drove him over the edge, then this is yet another tragedy to add to Bernie's list and I grieve with Mark's family.

I had heard on a broadcast report that the trustee had filed suit down to the minors who might have received gifts. Most 2-year olds won't know how how to respond to the suit.

I still think he should seek to recover any & all political donations. A candidate or officeholder giving a like sum to charity does nothing to assist those bilked by Bernie.
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bmbmd Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-12-10 06:43 PM
Response to Original message
60. I might be suicidal, too
If I couldn't double haul and couldn't strip set. Poor bugger missed a lot of strikes. Good reel, though.

http://www.youtube.com/watch?v=Y9C4Guf4m48
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sam kane Donating Member (326 posts) Send PM | Profile | Ignore Mon Dec-13-10 12:00 PM
Response to Original message
62. Fishy. nt.
nt.
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