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 fatherâs employ by the time he filed for divorce in 1999, public records show.
Madoff joined his fatherâs 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 wasnât 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.
Madoffâs 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 fatherâs 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 Madoffâs finances today isnât publicly available.
....
http://www.bloomberg.com/apps/news?pid=20601087&sid=a2NGKHE1SX1I&refer=home
Madoff Son Mark's income in his fatherâs 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?
Madoff joined his fatherâs 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 wasnât 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.
Madoffâs 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 fatherâs 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 Madoffâs finances today isnât publicly available.
....
http://www.bloomberg.com/apps/news?pid=20601087&sid=a2NGKHE1SX1I&refer=home
Madoff Son Mark's income in his fatherâs 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?
