Madoff son found Dead

[Tinkerbell in Texas]

Originally Posted by Peter Pan

Universal City Golf's Club House and this afternoon has been fun. Checking out to leave for dinner at Chili's with the family

have a great dinner Peter Pan!!!!

[Kneel 8250]

Originally Posted by Peter Pan

Universal City Golf's Club House and this afternoon has been fun. Checking out to leave for dinner at Chili's with the family

Enjoy it. Have a great one eh !!!!!!

Kneel.

[ChasC5]

Originally Posted by Tinkerbell in Texas

have a great dinner Peter Pan!!!!

Wife wants to watch a Movie ...

[Exotix]

Bernard Madoff could be barred from son’s funeral.

Prison rules could bar him; heightened publicity may also be issue



Just In


Madoff could be barred from son?s funeral - Business - U.S. business - msnbc.com


Bernard Madoff could be barred from attending his son’s funeral, according to a report in The New York Post.

The rules of the prison where the infamous Ponzi-schemer is serving his 150-year sentence note that supervised furloughs to attend funerals of “immediate family members” are available only to inmates with two years or less pending on their prison terms, the newspaper said.



“Furloughs are a privilege, not a right, and are only granted when clearly in the public interest,” according to the Inmate Handbook at the medium-security Butner Federal Correctional Institution in North Carolina.



A white-collar felon typically can receive an emergency furlough to attend a funeral, but the Madoff case “is a whole different ballgame,” Ed Bales, managing director of Federal Prisons Consultants, told the Post.

“I would question whether they’d grant him a furlough because of heightened publicity,” Bales told the newspaper. “He could be a target. He could be shot.”

Bernard Madoff’s eldest son Mark hanged himself Saturday by a dog leash on a metal ceiling beam in his Manhattan loft apartment.

The death was officially ruled a suicide by hanging Sunday by the city medical examiner.


(Read continues in Link)



Representatives from the New York City Medical Examiner's office remove the body of Mark Madoff, the son of convicted Ponzi scheme mastermind Bernie Madoff, from the building where was found dead of an apparent suicide in New York.

[Peter Pan]

Darn my dog died maybe they will let Bernard go to his funeral

[Exotix]

Mark Madoff’s name became too big a burden to bear.
A name he had been proud of turned into a liablity for Bernie Madoff's son.


Today

NYT: Madoff name became a burden for son - Business - The New York Times - msnbc.com



Last Friday, the publisher of a promising real estate newsletter called Sonar Report rose before dawn, scoured the news to gather items for that day’s edition and, at 9:04 a.m., sent it out to his e-mail subscribers.

Unknown to almost all of his subscribers, that publisher was Mark David Madoff, the older son of the convicted swindler Bernard L. Madoff.

Less than 24 hours after sending his e-mail, he hanged himself in his downtown Manhattan apartment, leaving behind a life of burdens and blessings.

The blessings appeared to be sustaining him, even on that final day, according to those closest to him.
They recall a man who was patiently building a new business, talking regularly with close friends, spending time with his wife and four children and, even in the last hours of his life, walking his dog, an affectionate Labradoodle.

But behind that screen, the burdens of life as Bernie Madoff’s son — the continuing suspicion from the public, the harsh accusations in numerous lawsuits, and his exile from the world of Wall Street — were steadily becoming unsustainable.

“The pressure of the last two years weighed on him enormously,” said a person who had remained close to him since childhood.
“He was deeply, deeply angry at what his father had done to him — to everybody.
That anger just seemed to feed on itself.”

(Read continue in Link)






Madoff investor's estate to give up $7.2 billion.
Victims of Ponzi scheme to get reimbursement from Picower heirs.


Madoff investor's estate giving up $7.2 billion - Business - msnbc.com


NEW YORK — Investors burned by Bernard Madoff's massive Ponzi scheme will be getting back a $7.2 billion chunk of the money they lost after a settlement announced Friday with a dead Florida businessman's estate.

The trustee recovering the money for Madoff's victims settled with the estate of Jeffry Picower, a Florida philanthropist and businessman who had been the single-largest beneficiary of the fraud.



The agreement, which may be the largest civil forefeiture ever, was detailed in court papers filed Friday in Manhattan.



Court-appointed trustee Irving Picard was among officials holding a news conference to discuss the settlement. Barbara Picower, representing the estate of her late husband, entered into the agreement with the U.S. attorney's office.

She said in a statement that her husband was "in no way complicit" with Madoff's fraud.
She said the estate would "return every penny received" through Madoff investments.

Picower drowned after suffering a heart attack in the swimming pool of his Palm Beach, Fla., mansion on Oct. 25, 2009.
The Picower family said at the time of his death that he had been working toward reaching a settlement.

Madoff, 72, is serving a 150-year prison sentence after pleading guilty to orchestrating the massive fraud over decades.




U.S. prosecutors initially estimated the fraud took in about $65 billion.

Picard has put the amount of investor money lost at about $20 billion, considered the biggest investment fraud in history.

The New York Times said Friday that prosecutors have said privately that the settlement will be the largest civil forfeiture payment in American judicial history.

A recovery of the size mentioned would mean that a sizeable number of Madoff's victims could get at least half of their money back — a remarkable turnaround for people and institutions that thought two years ago that they had lost everything.



The settlement will come just days after the body of Bernie Madoff's son, Mark Madoff, was found in his Soho apartment after he had hung himself.



Picower, who was 67 when he died, invested many years ago with Madoff.

Picard's investigators said that, over time, he withdrew about $7 billion in bogus profits from his accounts.
That amounts to more than a third of the dollars that disappeared in the scandal.

That money was supposedly made on stock trades, but authorities said that in reality it was simply stolen from other investors.




Picower's lawyers claimed he knew nothing about the scheme, but the trustee argued in court papers that he must have known that his returns were "implausibly high" and based on fraud.

Lawyers for Picower's estate have been in negotiations with the trustee for some time.

After Picower drowned, his will revealed that he had earmarked most of his fortune for charity, but his widow said in a statement that the family wished to return some of it to Madoff's victims through "a fair and generous settlement."

A huge charitable foundation that Picower had created with part of his fortune closed in 2009 after its assets were wiped out in the Madoff fraud.

It had donated hundreds of millions of dollars to colleges, libraries and other nonprofit groups.




Thousands of people, banks and hedge funds that invested money with Madoff saw their savings wiped out when the fraud was revealed to be a hoax.

Many, though, like Picower, had been drawing bogus profits from their Madoff accounts for years and wound up walking away from the scheme having taken out more money than they put in.

Picard has been involved in a two-year effort to claw back those false profits and return the stolen money to people who were net-losers in the scheme.

It is those people, who lost more than they withdrew, who could now be poised to recover half of their original investment.





Video inside: Feds get $7.2 billion of Madoff money back