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Andrew Madoff

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Andrew Madoff
Born 1966-04-08
Long Island, New York
Died 2014-09-03 (aged 48)[1]
Memorial Sloan Kettering Cancer Center, New York City[1]
Nationality Template:USA
Occupation financier
Known for reporting his father's swindles

Andrew Madoff was an American financier, best known for his role in exposing his father, Bernie Madoff's swindles.[1][2][3]

He earned a bachelor's degree in economics from the University of Pennsylvania in 1988.[4] He and his brother Mark worked for their father's firm, but in a division separate from the Ponzi scheme. Their father's swindle, widely described as the most successful in history, was unable to cope with the financial crisis of 2008, and they describe how he confessed to it, to their mother and themselves, on December 10, 2008.[2] He asked them to give him 24 hours to get his affairs in order, before going to the Police. The brothers decided not to give their father that grace period, and he was surprised by officers and arrested, that day, and they never spoke with him again.

Madoff married Deborah Anne West in January 1992.[5][6] According to Jerry Oppenheimer's Madoff with the Money, the pair separated in 2007. Oppenheimer wrote that he did not meet his second fiancee, Catherine Hooper, until later in 2007, although some critics would characterize her as a "homewrecker". Although Madoff and Hooper announced their plans to marry, and lived as man and wife, for years, his divorce had not been completed prior to his death.[7][8]

Madoff was diagnosed with cancer in 2003.[2] His cancer went into remission, returning in 2011. Madoff attributed his relapse to the stress of the fallback over his father's crime. His older brother Mark had committed suicide in 2010. Madoff died while undergoing treatment on September 3, 2014.[9]

Madoff and Hooper set up an agency that specialized in grief counseling.[2]

On his death Reuters described on-going attempts to sue Madoff and his brother's estate, in spite of a British court ruling that the pair were not co-conspirators.[10] Irving Picard, trustee for their father's victims, sued Andrew, and sued his brother's estate, on July 15, 2014.[11][12]

Madoff retained an estate of $16 million.[8] His will left his ex-wife a substantial fraction of his estate. He had set up a trust which would have left $50,000 a month to Hooper and their daughter. Hooper however would tell reporters that the trust fund was tied up in legal disputes, and she had not received a dime, and was living her life as if she may never see any of those funds. She said she had downsized to a 500 square foot apartment, where she and her daughter shared a set of bunkbeds.

References

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  1. ↑ 1.0 1.1 1.2 "Andrew Madoff, Son Of Disgraced Financier Bernard Madoff, Dies At 48". New Hampshire Public Radio. 2014-09-03. Archived from the original on 2020-10-17. Retrieved 2020-10-16. Both he and his brother, Mark Madoff, worked with Bernard Madoff's firm, but were not directly involved with their father's multibillion-dollar Ponzi scheme. Bernard Madoff was arrested in December 2008 after his sons turned him in upon learning of his fraud. The senior Madoff was sentenced to 150 years in prison.
  2. ↑ 2.0 2.1 2.2 2.3 Diana B. Henriques (2014-09-03). "Andrew Madoff, Who Told of His Father's Swindle, Dies at 48". The New York Times. p. B19. Archived from the original on 2019-10-08. Retrieved 2020-10-16. The two brothers attracted worldwide attention in December 2008 after they alerted federal agents that their father, a respected Wall Street statesman, had confessed to them that his private investment management business was a vast Ponzi scheme. Based on that report, the senior Mr. Madoff was arrested the next morning, Dec. 11, 2008.
  3. ↑ Larry Neumeister (2014-09-03). "Andrew Madoff dies of cancer in NYC". Associated Press. New York City. Archived from the original on 2014-09-06. Retrieved 2020-10-16. Andrew Madoff and his brother, Mark Madoff, worked on the legitimate trading side of their father’s Manhattan firm, two floors removed from the private investment business where Bernard Madoff carried out his $65 billion Ponzi scheme over several decades.
  4. ↑ Kaitlin Menza (2017-05-19). "How Bernie Madoff Took His Family Down". Town and Country magazine. Archived from the original on 2019-12-29. Retrieved 2020-10-16.
  5. ↑ "Miss West Wed To A. H. Madoff". The New York Times. 1992-01-19. p. A46. Retrieved 2020-10-18. Mrs. Madoff, 24 years old, is a book-promotions consultant in New York. She graduated from Duke University.
  6. ↑ Jerry Oppenheimer (2009). "Madoff with the Money". John Wiley & Sons. p. 198. ISBN 9780470504987. Retrieved 2020-10-18.
  7. ↑ Jennifer Glickel (2010-10-15). "Kenneth Starr's Wife Diane Passage Not Waiting Around for Imprisoned Hubby". Dnainfo. Manhattan. Archived from the original on 2017-11-10. Retrieved 2020-10-16. Passage said she isn't planning on returning to her former profession as a stripper at Scores, but instead spends her time hanging out with Andrew Madoff's fiancee, Catherine Hopper, who lives in her building, she told Page Six.
  8. ↑ 8.0 8.1 Carmen Ribecca (2017-08-23). "Where are the Madoff sons' wives today?". The List. Archived from the original on 2018-06-23. Retrieved 2020-10-16. Mark's ex-wife, Susan Elkin, was sued for $2.4 million, his widow, Stephanie Mack, for $27.5 million, and Andrew's ex-wife, Deborah Madoff, for $27.7 million.
  9. ↑ "Bernie Madoff's son leaves more than $15M in his will". Investment News. 2014-11-24. Archived from the original on 2020-10-17. Retrieved 2020-10-16. Andrew Madoff, in April 2013, disclosed the recurrence of his mantle cell lymphoma, a form of cancer for which he had been treated in 2003. He underwent a stem-cell transplant in May 2013, following chemotherapy and radiation.
  10. ↑ Joseph Ax (2014-09-03). "Bernard Madoff's son Andrew dies after long battle with cancer". Reuters. New York. Archived from the original on 2014-09-03. Retrieved 2020-10-16. Defense lawyers denied the claims and pointed to a ruling from the United Kingdom's High Court of Justice last October against Picard that concluded the brothers did not suspect fraud.
  11. ↑ "Bernie Madoff's Surviving Son Andrew Dies of Lymphoma". NBC News. 2011-10-31. Archived from the original on 2020-08-09. Retrieved 2018-10-24. Despite turning in their father, Andrew recently became the subject of a lawsuit by a court-appointed trustee working to recover funds for investors. The lawsuit by Irving Picard alleged that the sons knew far more than they ever admitted.
  12. ↑ "Madoff Sons Obstructed SEC Audit of Ponzi Scheme, Trustee Suit Says". NBC News. 2014-07-15. Archived from the original on 2017-08-05. Retrieved 2020-10-16. The claims come from Madoff trustee Irving Picard in a $150 million lawsuit against the brothers.
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