12-11-2010, 07:37 PM
madoff should hang himself too. i hope he is weeping bitter tears for his son. and all the people he ruined. greedy bastard.
NEW YORK (CNNMoney.com) -- Two years after the arrest of Bernard Madoff, the fallout from his sweeping Ponzi scheme continues to wreak havoc on thousands of victims, whose lives were destroyed by the gargantuan scam.
Bernard's son Mark is the latest casualty. On Saturday -- the second anniversary of the Bernard Madoff's arrest -- his son Mark was found dead in an apparent suicide in his Manhattan apartment. Mark Madoff's father-in-law found him hanging from a ceiling pipe while his two-year-old son slept alone in another room, according to the NYPD.
"Mark was an innocent victim of his father's monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo," said Martin Flumenbaum, an attorney representing Mark and his brother Andrew.
Even some of the burned investors see Mark Madoff as his father's latest victim.
"I have nothing to say about Mark Madoff's death other than, if it was suicide, that is a sad and unexpected consequence of [his] father's fraud and deceit," said Peter Leveton of Boulder, Colo., a 'third-party' investor working with other victims to try and recoup their losses.
Madoff's immediate family is paying a heavy price for the sins of the father, even though they claim ignorance of the fraudulent machinations that funded their opulent lifestyles.
Those claims haven't protected them.
Mark and his brother Andrew, both former executives of the firm, as well as their mother Ruth and other family members have been sued for $69 million by the court-appointed trustee in the Madoff asset recovery. Mark and his brother were also the targets of a federal criminal investigation, though they haven't been charged.
Thousands of lives have been shattered in the wake of Madoff's infamous fraud. Most of his victims didn't even know who he was until the arrest.
Wiped out by Madoff
Irving Picard, the trustee appointed by the federal Bankruptcy Court in Manhattan to recover and distribute Madoff's assets, has identified 15,751 legitimate claims from former investors in Madoff's firm, which was nothing more than a front for a long-running but unsustainable pyramid scheme.
Bernard Madoff continued his charade for decades, providing fraudulent financial statements to victims, leading them to believe that he was a market mastermind who'd increased their wealth many times over.
He provided multi-million dollar payments to some investors, claiming they were returns from successful investments. But in reality, these so-called returns were stolen from other duped investors who had joined Madoff's scheme late in the game. The new money, swindled from fresh victims, was used to keep the mature victims ignorant of what was actually going on.
The legitimate claims from victims, many of them elderly retirees, add up to nearly $5.9 billion, according to Picard.
NEW YORK (CNNMoney.com) -- Two years after the arrest of Bernard Madoff, the fallout from his sweeping Ponzi scheme continues to wreak havoc on thousands of victims, whose lives were destroyed by the gargantuan scam.
Bernard's son Mark is the latest casualty. On Saturday -- the second anniversary of the Bernard Madoff's arrest -- his son Mark was found dead in an apparent suicide in his Manhattan apartment. Mark Madoff's father-in-law found him hanging from a ceiling pipe while his two-year-old son slept alone in another room, according to the NYPD.
"Mark was an innocent victim of his father's monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo," said Martin Flumenbaum, an attorney representing Mark and his brother Andrew.
Even some of the burned investors see Mark Madoff as his father's latest victim.
"I have nothing to say about Mark Madoff's death other than, if it was suicide, that is a sad and unexpected consequence of [his] father's fraud and deceit," said Peter Leveton of Boulder, Colo., a 'third-party' investor working with other victims to try and recoup their losses.
Madoff's immediate family is paying a heavy price for the sins of the father, even though they claim ignorance of the fraudulent machinations that funded their opulent lifestyles.
Those claims haven't protected them.
Mark and his brother Andrew, both former executives of the firm, as well as their mother Ruth and other family members have been sued for $69 million by the court-appointed trustee in the Madoff asset recovery. Mark and his brother were also the targets of a federal criminal investigation, though they haven't been charged.
Thousands of lives have been shattered in the wake of Madoff's infamous fraud. Most of his victims didn't even know who he was until the arrest.
Wiped out by Madoff
Irving Picard, the trustee appointed by the federal Bankruptcy Court in Manhattan to recover and distribute Madoff's assets, has identified 15,751 legitimate claims from former investors in Madoff's firm, which was nothing more than a front for a long-running but unsustainable pyramid scheme.
Bernard Madoff continued his charade for decades, providing fraudulent financial statements to victims, leading them to believe that he was a market mastermind who'd increased their wealth many times over.
He provided multi-million dollar payments to some investors, claiming they were returns from successful investments. But in reality, these so-called returns were stolen from other duped investors who had joined Madoff's scheme late in the game. The new money, swindled from fresh victims, was used to keep the mature victims ignorant of what was actually going on.
The legitimate claims from victims, many of them elderly retirees, add up to nearly $5.9 billion, according to Picard.