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Mark Madoff Was Burdened By Fraud Investigation, Lawsuits: Part 2

As noted in the previous post, Mark Madoff committed suicide last Saturday on the two-year anniversary of his father's arrest for operating a $20 billion Ponzi scheme. Up until his death, Mark Madoff insisted that he did not know about his father's massive fraud and was another one of his victims.

Court-appointed bankruptcy trustee Irving Picard has been charged with trying to recover as many funds as possible for the people who lost thousands or millions of dollars from investing in Madoff's firm. According to The Wall Street Journal, Picard accuses Madoff of accepting $66.9 million through false investment transactions and other fraudulent methods.

An attorney for the brothers says that the lawsuits are baseless because the sons did not know of the fraud. He also says that the brothers saved investors $170 million by confronting their father about money he was about to send to friends and employees, at which point he confessed his crime and they turned him in.

Mark Madoff worked for his father for 22 years. Picard questions in his lawsuit how Madoff could not have known that the investment firm was a sham. According to the Journal, Madoff held top positions at the firm and had earned several securities licenses.

For his part, Mark Madoff said that he had no inkling of the fraud. According to the Journal, an attorney for Bernard Madoff has said his client will not attend the funeral out of respect for the family, but will hold a private personal ceremony for his son at the North Carolina prison where he is incarcerated.

Source:

Mark Madoff and the Fraud's Burden (The Wall Street Journal)

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