Mark Madoff, the 44-year-old son of alleged Ponzi-scheme operator Bernard Madoff, accumulated a net worth of $8.3 million in his father’s employ by the time he filed for divorce in 1999, public records show.
Madoff joined his father’s 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.
A Greenwich home Mark Madoff bought for $1.6 million in 1994 was sold for $5.8 million in 2001, according to deed records.
Madoff’s 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 father’s 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.
The house in Greenwich sold in 2001 was, I believe, that nice antique at the intersection of Stanwich and Guinea Road. After the divorce, wife Number One moved to Lucas Point, where she remains, and Mark bought on Tomac 21 Cherry Valley Road. I hope for her sake that wife No.1 took lots and lots of property and cash and little alimony because, at least if Mark’s finances are still structured the way they were ten years ago, future alimony payments will be threatened. Deferred compensation from Madoff Securities, for instance, is likely to be further delayed.
As a further thought, I really have to give a tip of the hat to the young man. In 1999, he would have been just 34 years old yet he’d already accumulated a net worth of $8.3 million. He must be really, really smart! Guess it runs in the family.