Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Bernard Madoff will not attend son's funeral - Attorney

By CNN Wire Staff


NEW YORK (CNN) -- Convicted Ponzi-schemer Bernard Madoff will not attend the funeral of his son, Mark, out of consideration for his daughter-in-law and grandchildren, attorney Ira Sorkin said.

Mark Madoff's body was discovered hanging from a ceiling pipe in his Manhattan apartment on Saturday, two years to the day after his father was arrested for swindling $50 billion from investors in the largest Ponzi scheme in U.S. history.

The death of the younger Madoff was ruled a suicide by the New York medical examiner's office after an autopsy on Sunday, spokeswoman Ellen Borakove said.

"He will be conducting a private service on his own where he's presently incarcerated," Sorkin said.

Madoff, 71, is at the Butner Federal Correction Complex, a medium-security prison in eastern North Carolina, where he is serving a 150-year prison sentence.

Madoff bilked investors out of their money by masquerading as the head of a legitimate investment firm while using funds from new investors to send payments to his earlier investors, falsely portraying them as proceeds when they were actually stolen money, prosecutors said.

Madoff's criminal activities spawned a tidal wave of civil actions against Mark Madoff, his mother, siblings and hundreds of other defendants, accused of profiting off the Ponzi scheme by withdrawing more money from Madoff's fund than they invested, money they presumably thought was investment income.

A person familiar with the family says Mark Madoff has not been in touch with his extended family for the past two years.

Irving Picard, the court-appointed trustee in charge of recovering and distributing Madoff's assets, has filed a slew of lawsuits in U.S. Bankruptcy Court in Manhattan over the past week on behalf of some of Madoff's victims.

One filed on December 8 named Mark Madoff -- as well as his brother Andrew Madoff and uncle Peter Madoff -- as one of several defendants in a civil lawsuit. To top of page

Index Last Change % Change
Dow 16,643.01 -11.76 -0.07%
Nasdaq 4,828.33 15.62 0.32%
S&P 500 1,988.87 1.21 0.06%
Treasuries 2.19 0.02 0.83%
Data as of 2:56pm ET
Company Price Change % Change
Freeport-McMoRan Inc... 10.50 0.31 3.04%
Bank of America Corp... 16.36 -0.08 -0.49%
Apple Inc 113.29 0.37 0.33%
Intel Corp 28.42 0.70 2.53%
Alcoa Inc 9.41 0.55 6.21%
Data as of Aug 28
Sponsors

Sections

Efforts to unionize low-wage employees of fast-food franchisees and outside contractors get lift from decision of NLRB. More

The U.S. economy has performed well this year. But there's lots of global gloom. Which will influence the Fed the most? More

The market volatility in China and the U.S. could hit private companies, especially late-stage unicorns. More

How do you run a successful crowdfunding campaign? Indiegogo's CEO Slava Rubin offers his top tips and mistakes to avoid. More

Looking for something good on Netflix? These entertaining films will help you learn more about finance and investing. More