A Lost Opportunity – How Andrew Madoff Disappointed, Even in Death


Written on September 12, 2014 – 7:42 pm | by ibkent

I never rejoice someone’s death and was sorry to hear about the passing of Andrew Madoff just as I am sorry when anyone dies. Now that both of the Madoff boys are gone we will never really know what they really knew and when they knew it.  I believe that Mark Madoff – often described as the “sweet” and “kind” child – was truly despondent over what he is father did which is why he took his own life on the second anniversary of Papa Madoff’s arrest.  He likely knew he played a role in the financial ruin of so many hardworking Americans.  At the very least, I believe he realized he should have known.

Andrew Madoff, the older brother, rarely showed any contrition.  The Feds never quite got enough evidence to prosecute him but seemed to have been working on a case when he died earlier this week. Sure, he’d express “remorse” every now and again. And he told People Magazine  that “the stress of the last few years at least partially opened the door for his cancer.” Who knows. I’m not a doctor.  

At this point, whether he actually know the intricacies of this fraud we’ll never really know.  Shortly following Madoff’s arrest, I made acquaintance with a respected financial writer, and one who tried to blow the whistle on Madoff even before Harry Markopolos first attempt to alert the SEC. Of the two sons, he said “If they did not know, they were either the most naive and the dumbest boys on Wall Street.”  You decide.

Mastermind Bernie Madoff and his two sons,  Mark, who took his own life on 12/11/2010 and Andrew, who died earlier this week from cancer.

Mastermind Bernie Madoff and his two sons, Mark, who took his own life on 12/11/2010 and Andrew, who died earlier this week from cancer.

BUT what we do know is that Andrew Madff died with quite a hefty bank account  and portfolio – $11 million in personal property and another $4.5 million in real estate.  According to news reports, he left his “tangible property” (whatever that is) to his two daughters, a third of his estate to his estranged wife (wow, what a great guy) and $50K per month for life to his girlfriend. Cha-Ching!  Don’t feel bad for Mama Madoff – I’m sure she’s still doing just fine, thanks to the Dept of Justice that allowed her to keep $2.1 million in return for turning over the rest of the assets.

Meanwhile, as you might guess, there are 15.5 million reasons why former Madoff investors are none too thrilled.  What he ignored in life, Andrew Madoff could have acknowledged in death.  Why not bequest a percentage of his ill gotten gains to an Investor Fraud Victims’ group, or even leave something to some of those whose stories were well-publicized – like the 85 year old retired New York City school teacher, living in FL and existing only on Social Security -after thinking her retirement money was safe. Or maybe the 82 year old World War Two purple heart recipient who built his business, sold it, investing the funds with Madoff, and now forced to live with his adult children.  The stories are endless – but you’d never know it with the media’s obsession with criminals.

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