WSJ: Traders for Madoff;s “legitimate” branch are laid off – senior management has to stick around to help clean up the mess. It’s just not fair – Andy and Mark had no idea what their father was doing, so why can’t they go home?
Tag Archives: Mark Madoff
Bernie Madoff dying of pancreatic cancer? It actually seems plausible, given his family’s behavior. The boys are off scurrying around the world in Dad’s private jet while Bernie stays in his penthouse, insisting against all possibility, that he maintained his scam alone and unaided. He checks out, the boys have the money and all is right in the Madoff world. Unless there’s a Hell.
But won’t this be a fizzle if Bernie drops out of the game and Walter Noel is left drooling alone in the witness box telling fractured stories of his boyhood? Darn it, we want a story!
Between locating assets and fighting intra-investor lawsuits, Madoff’s court-appointed trustee estimates it will be at least five years before Bernie’s remaining assets are distributed to his victims. I doubrt the process will be any quicker for recovering money from all the other potential targets, but if I’d lost money with, say, Fairfield Greenwich Group, I’d start suing Walter and his family now, before they fritter away the funds. And don’t forget to try to attach that jet the Madoff boys are using. Those things depreciate, you know.
Bernie’s got his new, $40 million jet up for charter but you’ll have to be selective about when you want to use it – although Bernard himself is unlikely to be flying in it anywhere soon, much to his regret, I’m sure, the boys have been using it to scoot around in. Digging up cash? No, that would be illegal! I’m sure they’re just off fly fishing.
Bernie Madoff flunky Sonja Kohn lost the Russian Mob’s money and now she’s in hiding. I’m speculating she’s in Patagonia because (a) it’s summer down there and (b) the Madoff boys probably told her how good the fly fishing is. But wherever she is, she sent an email to Bloomberg, protesting her innocence.
Kohn’s e-mail came from an address verified by a Bank Medici spokeswoman. Kohn said Madoff was “trusted by the best and smartest” and likened his scheme to a tsunami or earthquake that strikes “unpredictably and devastatingly.”..
…“The Madoff fraud destroyed lives, life savings and companies that were the result of decades of hard work,” she wrote. Madoff’s firm “was not an obscure hedge fund; it was a 48- year-old, highly visible firm with approximately 200 employees and over $600 million in capital,” she wrote.
Peter? Mark? Andy? Do you see that last part, where she’s referring to all those employees and capital? She’s talking about your firm, the one that didn’t know what Bernie was up to. Gosh, how could she get such a wrong impression, how could she think you guys were involved? Sure hope no one else made that mistake, or you could be sued!
Bernie Madoff made exactly zero trades, ever, through Madoff Investments. He probably made no trades at all through anyone, investigators think. I don’t think this revelation helps brother Peter or sons Andrew and Mark – they knew Bernie was doing something involving trading and surely, in 30 years, they must have sneaked a peek at at least one client’s monthly statement and thus been aware of the volume of the supposed trading activity yet they never questioned why no trades went through their branch of the family firm? Never? When there were huge fees to be made from such trading? That makes no sense and certainly doesn’t pass the smell test.
Hoops, if you’re reading this, I’m free for coffee anytime, at your convenience. Let’s talk – the ice will be out of the upper Delaware in just a couple of months.
Found this old (2000) article on the Madoff clan. I rather suspect son Mark now wishes he hadn’t been quite so open with the interviewer:
With such activity at the office, it’s no wonder business found its way to the dinner table at home. “All of his family members grew up with this being our lives. When it is a family operated business you don’t go home at night and shut everything off, so you take things home with you, which is how all of us grew up,” says Mark Madoff, director of listed trading at Madoff Securities.
Mark says, “What makes it fun for all of us is to walk into the office in the morning and see the rest of your family sitting there. That’s a good feeling to have. To Bernie and Peter, that’s what it’s all about.” –
So much for the Hokey Pokey.
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.
Latest defense for Andy and Mark: they’re both too friggin’ stupid to know anything about Dad’s Ponzi scheme. I believe that’s going to be Noel’s story too. Here’s the scoop from Dealbreaker.com:
In our ongoing saga to determine whether or not the Madoff sons, Mark and Andy, really had no idea their family business was a scam, we’ve said several times that one the one hand, how could they not, and on the other: FISH. We’ve received 387 pictures of the boysand they are posing with fish on every single one, sometimes with rods in their mouths, always with dumb looks on their faces. Fishing, quite literally, appears to be all they do, and we’re nearly convinced they might’ve had no knowledge of the Ponz. Today, a tipster intimately familiar with the Madoff brothers’ fishier pursuits (he would be the one you have to thank for the many family photos) writes with info that seems to strengthen the argument that the boys (or at least Andy) are innocent:
Surprised more people have not pointed out thatthe woman that was with Andy Madoff shopping in SoHo was his girlfriend Katherine Hooper not his wife Deb… they separated early last year…new girlfriend works for him at Abel Reels and this is not a joke…two weeks before the scandal broke he was bragging how she got a tattoo of his name on her ass.
While it is true that For What it’s Worth did post a picture of a bare-assed fisherman who might have been Mark Madoff but wasn’t, readers with delicate senses will no doubt note with gratitude that we have not posted a picture of Hoop’s derriere, with or without an “I Heart Andy” tattoo. Of course, if anyone can supply such a picture, we may reconsider our editorial standards.
So why not go fly fishing? Madoff’s crowd in New York, including his two fishing fool sons, Mark and Andy, are still being paid and there’s nothing to do in Manhattan, so a quick (permanent?) trip south of the border might be in order. Bernie’s employees in London weren’t so fortunate – they were cut off with no pay the day their boss was arrested. But then, the Madoff boys don’t work in London, do they?
Two readers alerted me that an earlier picture showing Andrew Madoff and his wife was actually one of Andy and his new squeeze, Katherine Hooper. Hey – blame the NY Post, who muffed the identification.
But that reminded me that we’ve really been letting the other Greenwich angle to this story drift away: the Madoff boys! So here’s just a bit on them, courtesy of a fly fishing magazine – apparently, since the boys didn’t waste any effort keeping up with dad’s trading activity they spent most of their time fishing. Nice work, if you can get it.
As an aside, Hooper’s quite the babe and a partner with Andy at the Urban Angler so perhaps the wife’s timing of her divorce – the day dad-in-law was pounced on by the feds – isn’t as suspicious as it first seemed.