Andrew Madoff, Bernard Madoff’s last surviving son, died Wednesday of cancer, years after turning his father in and insisting he had been duped like the rest of the world into believing history’s most notorious Ponzi king was an honest financier.
Andrew Madoff, 48, was “surrounded by his loving family” when he died at a New York City hospital from mantle cell lymphoma, his attorney, Martin Flumenbaum, said in a statement.
Andrew Madoff and his brother, Mark, both worked on the legitimate trading side of their father’s Manhattan firm, two floors removed from the private investment business where Bernard Madoff carried out his $65 billion Ponzi scheme over several decades.
Bernard Madoff, 76, was arrested in December 2008. He pleaded guilty to fraud charges months later and is serving a 150-year sentence at a federal prison in North Carolina. Exactly two years after the father’s arrest, Mark Madoff hanged himself in his Manhattan loft apartment as his 2-year-old son slept in another room.
“One way to think of this is the scandal and everything that happened killed my brother very quickly,” Andrew Madoff told People magazine last year. “And it’s killing me slowly.”
Andrew Madoff was first diagnosed with the rare form of cancer in 2003 but went into remission.
He blamed the relapse on the stress of living with his father’s scam. The disease returned in October 2012, and he told People magazine that he felt “blindsided.”
Andrew Madoff had served as the chairman of the Lymphoma Research Foundation’s board of directors until his father’s scheme was revealed.
Mr. Madoff’s death came as authorities continue to investigate what role, if any, close family members and others linked to the Madoff business had in the fraud. Sentencings are scheduled in several weeks for five former high-level Madoff firm employees convicted of helping carry out the fraud by conspiring to defraud clients and falsifying books and records.
This summer, a court-appointed trustee who has recovered more than half of the nearly $20 billion that thousands of people had invested with Bernard Madoff filed a lawsuit claiming that Madoff’s sons used their father’s business as their “personal cookie jar,” accepting sham loans, fictitious trades and deferred compensation. It accused them of knowing about the fraud and trying to cover it up by deleting emails during a Securities and Exchange Commission probe.United States - North America - New York City - New York - Manhattan - Bernard Madoff