Overview

Andrew Howard Madoff was the younger son of Bernard "Bernie" Madoff; the architect of the largest Ponzi scheme in history. Born in 1966; Andrew and his brother Mark worked in the legitimate market-making and proprietary trading operations of Bernard L. Madoff Investment Securities; physically separated on a different floor from their father's fraudulent investment advisory business. On December 10; 2008; Bernie Madoff confessed to his sons that the investment advisory arm of the firm was "one big lie" and "basically a giant Ponzi scheme." Andrew and Mark immediately reported their father to federal authorities through their attorney; leading to Bernie's arrest the following day. Andrew was never criminally charged in connection with the fraud; federal prosecutors determined that the sons worked only in the legitimate trading operations and were unaware of the Ponzi scheme. However; Andrew and Mark were named as defendants in civil clawback lawsuits filed by bankruptcy trustee Irving Picard; who sought to recover funds that family members had received from the firm. Andrew eventually reached a settlement with Picard. The aftermath of the scandal devastated the family. Brother Mark Madoff died by suicide on December 11; 2010; the second anniversary of their father's arrest; hanging himself in his SoHo apartment while his two-year-old son slept in the next room. Andrew had been diagnosed with mantle cell lymphoma in 2003; went into remission; but the cancer returned in 2012. He attributed the cancer's return to the extreme stress of the scandal. Andrew died on September 3; 2014; at age 48. He had cut off all contact with both parents following his father's arrest.

Key Affiliations

Controversies & Concerns

Related Investigations (1)

Known Associates & Connections

Sources & Documentation

2 documented sources from official records, investigations, and reports