Mark Madoff, the elder son of jailed financier Bernard Madoff (photo, from aljazeera.net), has been found dead in an apparent suicide in his apartment in New York.
46-year-old Mark was found hanging, a law enforcement official said on Saturday. The police was notified by a family member.
Although Mark and his brother Andrew hadn’t faced any criminal charges, they were under investigation in the massive Ponzi scheme that led to their father’s jailing.
Bernard Madoff is serving a 150-year prison term in North Carolina because he swindled a long list of investors out of billions of dollars.
As he worked with members of his family, the scandal put a harsh light on all of them. Peter, Bernard’s brother played a prominent role in the family’s company, and Mark and Andrew Madoff both worked on a trading desk at the firm, though on a side of the business that was not directly involved in the Ponzi scheme.
Trying to unravel Madoff’s financial affairs, a year ago the court-appointed trustee sued several members of the family, including the brothers. They were accused of failing to detect the fraud while living lavish lifestyles financed with the family’s ill-gotten fortune.
The lawsuit accused Mark of using $66m he received improperly in order to buy luxury homes in New York City, Massachusetts and Connecticut.
Mark’s wife, arguing that her family had gotten threats and was humiliated by the scandal, petitioned a court to change her last name last February.