SEARCH

Entries in Mark Madoff (3)

Wednesday
Oct192011

Madoff Widow Blames Bernie for Son's Suicide Attempts, Death

ABC News(NEW YORK) -- While many lost their fortunes thanks to Bernie Madoff -- the man who orchestrated the largest financial fraud scam in U.S. history -- Stephanie Madoff Mack lost her husband. Now, the widow of Mark Madoff, Bernie Madoff's oldest son, is the first inside member of the Madoff family to speak out, divulging the story of the death that she says can be traced directly to Bernie Madoff's deception.

In a searing and emotional interview to be broadcast Friday on ABC’s 20/20, Mack details how a privileged life in one of the richest families in America turned into a living nightmare after Madoff's Ponzi scheme was uncovered. Mack says the ordeal led Mark Madoff to commit suicide last December, on the two-year anniversary of his father's arrest. Mark had first attempted suicide in 2009, Stephanie reveals for the first time.

"He couldn't get out, he was so betrayed and so hurt by Bernie," she said.

"I hate Bernie Madoff," Stephanie said. "If I saw Bernie Madoff right now, I would tell him that I hold him fully responsible for killing my husband, and I'd spit in his face."

Mack has written a book on her life as a Madoff, The End of Normal: A Wife's Anguish, A Widow's New Life, scheduled for release this week by Blue Rider Press.

Stephanie, then 30, married Mark Madoff, the handsome and wealthy 40-year-old divorced father of two, in October, 2004. In attendance at their Nantucket Island wedding were many investors in Bernie Madoff's fraudulent hedge fund.

"He stood there in the corner at my wedding watching everyone dance, and he knew that everyone in that room was going to get screwed," said Mack.

The couple went on to have two children: a daughter, Audrey, and a son, Nick.

With Mark's blessing, Stephanie changed her last name to Mack to spare her family the stigma of that now reviled name. Today, her children are healthy and happy and Mack says she intends to keep them that way.

"I will never let it define my two children for the rest of our lives," she said. "The rest of my life is going to be a happy one, and not filled with deceit, and lies, and betrayal, and sorrow, and I hold onto that hope."

Watch the full story on ABC's 20/20 Friday at 10 p.m. ET.

Copyright 2011 ABC News Radio

Monday
Oct172011

Bernie Madoff’s Daughter-in-Law: ‘I’d Spit in His Face’

ABC News(NEW YORK) -- Stephanie Madoff Mack, the daughter-in-law of Bernie Madoff, says she blames the disgraced financier for her husband’s death.

Madoff Mack is the widow of Mark Madoff, who committed suicide two years after his father’s arrest for the largest Ponzi scheme in history, and the first Madoff family member to break her silence.

In exclusive interview with ABC’s 20/20 anchor Chris Cuomo, she talks about marrying into one of New York’s most powerful families, living through the public humiliation of Bernie Madoff’s financial crimes and coping with her husband’s suicide. She also reveals for the first time a letter Bernie Madoff sent to her from prison after her husband’s suicide.

Madoff and his brother Andrew were the ones who turned their father in to authorities.

Madoff Mack told Cuomo that if she saw her father-in-law today, she’d tell him “that I hold him fully responsible for killing my husband, and I’d spit in his face.”

Madoff Mack has written an autobiography, The End Of Normal: A Wife’s Anguish, A Widow’s New Life. It will be published by Blue Rider Press on October 20.

The full interview airs Friday at 10 p.m. on ABC’s 20/20.

Copyright 2011 ABC News Radio

Friday
Nov192010

Why Are Bernie Madoff's Wife And Sons Still Walking Free, Ask Fraud Victim

Photo Courtesy - Getty Images(NEW YORK) -- Victims of Bernie Madoff applauded the news Thursday that two close associates of the convicted Ponzi scammer had been arrested, but asked why a group of people even closer to Madoff – his wife, sons and brother -- remained free almost two years after Madoff's multi-billion-dollar investment fraud was exposed.

"It's about time!" said Madoff victim Adele Fox, reacting to the arrest of Annette Bongiorno and Joann Crupi, who worked for Madoff's investment firm for decades. Both women have been charged with fraud, conspiracy and tax evasion. "But what about Peter Madoff?" asked Fox, 87, who says she lost a large sum to Madoff's pyramid scheme. "What about Ruth and the sons? Do you mean to say they didn't know?"

Bernie's brother Peter worked as the chief compliance officer at Bernard L. Madoff Investment Securities, while Bernie's sons Mark and Andrew were codirectors of trading at the firm. According to a lawsuit filed by Irving Picard, court-appointed trustee for the Madoff victims, Peter's daughter Shana "held herself out" as the company's compliance counsel. Ruth Madoff, Bernie's wife, once worked as his bookkeeper and maintained her own office at the Madoff firm. None of them, however, have been criminally charged in connection with the investment fraud.

Victim Michael DeVita, 60, said he was "literally jumping out of my chair" when he learned Thursday that Bongiorno and Crupi had been charged. "They finally at least got someone who was connected," said DeVita. Prosecutors say that Bongiorno personally handled the accounts of top Madoff clients and helped run the secretive "17th floor" where employees created phony documents.

But DeVita, who invested "high six digits" and "lost everything," said he hoped the arrest of Bongiorno and Crupi was "the tip of iceberg" and that more criminal prosecutions were coming.

"I hope their targets are more people with the name Madoff," said DeVita, "It troubles me that you have Ruth walking around with $2 million. . . . And you've got the sons walking around with who knows how much money, and living a relatively normal life."

Federal authorities are investigating Mark, Andrew and Peter Madoff for possible tax fraud, but no charges have yet been filed. A spokesperson for Shana Madoff Swanson said he did not know whether she had been questioned as part of the investigation. "We do not comment on ongoing investigations," said a spokesperson for the U.S. Attorney for the Southern District of New York.

The family members have been sued, however, by Irving Picard, whose job as trustee is to recover assets for Madoff victims. Picard told ABC News he had no comment on the U.S. Attorney's criminal investigation.

Earlier this year, Picard sued three businesses controlled by Madoff family members where he claims more than $30 million may be stashed. In papers filed in federal bankruptcy court, Picard said that Madoff family members had used almost $200 million in investor cash to fund "lavish lifestyles."

"Foremost among the recipients of Madoff's gifts of customer funds," said Picard in the filings, "were his closest family members, including his wife Ruth Madoff, his brother Peter, his two sons Andrew and Mark and his niece Shana."

The lawsuits were filed against an oil and gas company, a family fund and a trading company, alleging that they received funds from Bernie Madoff's investment firm. The suit against the family fund claims that Peter, Andrew, Mark and Shana acted "in complete dereliction of their management duties."

In a lawsuit filed against the Madoff family in 2000, Picard said the Ponzi scheme was "a family piggy bank" that funneled at least $198,743,299 of stolen customers' money to Peter, Andrew, Mark and Shana. The 2009 suit included an allegation that money was funneled to family members through fabricated purchases of stock, which they supposedly then sold for the cash proceeds.

Martin Flumenbaum, a lawyer for Mark and Andrew Madoff, told ABC News in July, "With respect to Mark and Andrew, the lawsuits are without merit both factually and legally."

Flumenbaum did not respond to a request for comment Thursday. Lawyers for Peter, Andrew, Mark and Ruth Madoff also did not immediately respond to requests for comment.

Through her lawyers, Ruth Madoff has denied any knowledge of her husband's fraud scheme. In a written statement on the day of her husband's sentencing, she said, "to say that I feel devastated for the many whom my husband has destroyed is truly inadequate."

This summer, when she was spotted on a Manhattan street by an ABC News producer, she didn't respond when asked if she had anything to say to her husband's victims.

"She was her husband's bookkeeper for all those years, and we wonder why she has not been prosecuted for all this," said Ronnie Sue Ambrosino, a Madoff victim who works as an advocate for other victims. Ambrosino said she hoped the arrests of Bongiorno and Crupi Thursday were "the beginning of justice being performed, albeit late, but better late than never."

Ambrosino said she felt it was a "travesty" that Madoff family members were not arrested as well.

But victim DeWitt Baker, who said it was "outrageous" that no Madoff family members had yet been criminally charged, was philosophical about waiting. "They're certainly guilty. Everybody knows it. But you can't charge unless you have the kind of evidence that will stand up in court."

Said Irving Picard, "This is not an easy case to unravel."

Copyright 2010 ABC News Radio







ABC News Radio