On the anniversary of his father’s death, Mark Madoff, the son of Bernard Madoff committed suicide. After ongoing pressure from families who’s financial lives had been ruined and the very public humiliation, he opted to take his own life. But who was the man Mark Madoff? Here are 10 things you may not have known about the son of Bernie Madoff.
He was socially and personally humiliated when his very close childhood friends lost all their savings in the his dad’s Ponzi scheme.
December 10, 2008 was a turning point in Mark Madoff’s life. That is when his father told him about the Ponzi scheme and that all their wealth was based on lies. What led up to his confession was that his sons asked him about an odd plan to distribute hundreds of millions of dollars to employees months before schedule.
Mark Madoff had four children. Two children with his wife Stephanie and two children from a previous marriage.
He had recently changed his name, and the name of his children from Madoff to Morgan in order to hide a bit from the scandal associated with his name.
Although Mark made a large salary of from working at his dad’s firm, he also had a loan from his dad for $22 million.
Over the summer, Mark put his summer home, a mansion in Nantucket, up for sale. He bought the six bedroom home in 2008 for 6.5 million and was for sale for 7.5 Million.
He was a graduate from the University of Michigan and had been a licensed broker with his dad’s firm since 1987.
After the scandal broke, he tried – unsuccessfully – to become a broker again.
About a year ago, after a big fight with his wife, he had stormed out of his home. His wife not knowing what had happened to him filed a missing persons report, but it turned out he checked into the Soho Grand for the night under an alias.
In recent days sources have said that Mark Madoff had been increasing distraught about the approaching anniversary of his father’s arrest. And there was speculation that he himself could be arrested soon from being involved with the Ponzi Scheme as he was named in several lawsuits including a large civil suit.