Madoff Son Mark Had $8.3 Million Worth in 1999

Discussion in 'Wall St. News' started by aresky, Jan 9, 2009.

  1. aresky


    Jan. 9 (Bloomberg) -- Mark Madoff, the 44-year-old son of alleged Ponzi-scheme operator Bernard Madoff, accumulated a net worth of $8.3 million in his father’s employ by the time he filed for divorce in 1999, public records show.

    Madoff joined his father’s brokerage in 1986 and rose to become director of listed trading, according to Bloomberg data. Currently he has 15 properties, including a $6 million New York apartment and a $2.3 million home in Greenwich, Connecticut, according to public records. He divorced his wife, Suzanne, in Stamford, Connecticut, in 2000, when he was earning about $770,000 a year and had just bought a second home.

    Mark Madoff and his brother, Andrew, 42, turned in their father to the U.S. government after he told them he was operating a $50 billion Ponzi scheme. They also reported their father for allegedly violating a court order by giving away watches and jewelry worth $1 million.

    Mark Madoff is now married to Stephanie Mikesell. A call to their Manhattan apartment wasn’t immediately returned today. Together, they have $2 million in a foundation, according to a public filing in 2007. A Greenwich home Mark Madoff bought for $1.6 million in 1994 was sold for $5.8 million in 2001, according to deed records.

    Madoff’s financial affidavit in the divorce case casts light on his status at the business where, according to Bloomberg data, at least seven family members have worked.

    His list of assets included $5 million in deferred compensation and a $5 million stake in his father’s London operation, Madoff Securities International Ltd. That stake was offset by a $5 million loan from his father. Dividends from the U.K. unit served to pay interest on the loan.

    Comparable data for Mark Madoff’s finances today isn’t publicly available.


    Madoff Son Mark's income in his father’s employ should be considered as stolen money or as fraudulent money.

    But what does the law tells about this issue?

    How could Madoff's sons M. and Andrew ignore the fraud during the last ten years? Were they sleeping at work? :D
  2. Mr Pain

    Mr Pain

    I said it before that the biggest risk they may face is from investors from eastern Europe and South America taking it out on his family. All their wealth is a result of his fraud. If I were them I would change my name move away and hide. Worrying about the government regulators coming after me for the money I made off the fathers crime syndicate would not be my top worry if I were in their shoes.
  3. Forget Eastern European investors, a couple cases of Vodka will settle them down. Its those tequila fishes from South America who decapitate people that worry me a bit. Have you seen whats happening in Mexico, kinda like Colombia during Pablo Escobar's heyday !!!

    Mental note, do not piss off Mexican underworld characters !!!! :D
  4. Better yet, hire them to RUN THE FREAKING SEC!!!!!!!!!!!!!!

    We need that kind of muscle to put a scare into these over educated con men.

    Ps My guess is this is Maddog Madoffs last weekend as a free man on earth.

    I spit on your grave Gringo!!
  5. Pekelo


    I can't say they shouldn't. After all these assholes have to learn not to fuck with other people's money. Bad trading/investing is one thing, running a Ponzi is another. Apparently a few years in jail isn't enough deterrence.

    Now there is a woman in Viena who already disappeared. She was investing Russian oligarch's money with Madoff. Her disappearence is supposedly a preemptive measure against a Russian hitjob.
  6. Run for your Life! :eek:
  7. Mr Pain

    Mr Pain

    How sad, Madoff ruined so many innocent people and so many charities too. There is a special place in hell for a guy like this and those who helped him. I can’t understand how he is on bail. The French fellow who killed himself and these folks who are on the run.

    Even if Madoffs family didn’t know, they did participate and profited. They have got to hide for a while. I heard a story about one of his grandchildren being in class with another kid or kids whose families were ripped off. That can’t be too comfortable for a kid.

    I once watched a show about the family of Hitler. Some of them were in the US. They all changed their names and lived in quiet fear as the line died off. Not making a comparison as far as Hitler and Madoff, just that they both brought shame and fear to their families.