Andrew Madoff dead: Son of convicted Ponzi scheme fraudster loses battle with cancer

'Andrew Madoff (left) has lost his courageous battle against mantle cell lymphoma,' lawyer Martin Flumenbaum said in a statement

New York

Andrew Madoff, the 48-year-old son of convicted Ponzi scheme fraudster Bernard Madoff, died yesterday after a long fight against cancer.

The fraudster’s other son Mark committed suicide in 2010 on the second anniversary of his father's arrest.

Bernard Madoff is serving a 150-year jail sentence after pleading guilty to running a gigantic Ponzi scheme that was estimated to have cost investors at least $17 billion.

“Andrew Madoff has lost his courageous battle against mantle cell lymphoma,” lawyer Martin Flumenbaum said in a statement.

Madoff’s sons always denied knowing about their father’s fraudulent scheme and had not faced criminal charges related to the Ponzi operation.

 

The brothers worked in a trading department at Bernard Madoff's investment company in Manhattan, operating on a different floor from where their father operated his gigantic Ponzi scheme.

The sons turned their father in to law enforcement authorities in December 2008.

However, Irving Picard, the trustee in charge of retrieving cash for Madoff's victims, had filed civil legal claims against Andrew Madoff and the estate of Mark Madoff, alleging that the brothers had helped the Ponzi scheme and had made millions of dollars in doing so.

Lawyers for the brothers had denied the allegations.

According to Bloomberg, Picard had recovered about $9.8 billion as of July to partially reimburse Madoff’s clients who lost money.

Speaking about his father in a 60 Minutes interview in 2011, Andrew Madoff said: “What he did was unforgivable. He destroyed so many lives.

“So many thousands of people who trusted him with their life’s savings, with their retirement money - money that was to go to their children, and the money that they lived off… to see those people have their lives turned upside down, have to sell their homes and take their children out of school and have their dreams destroyed by this crime - it’s unforgivable.”

Andrew Madoff had revealed last year that his mantle cell lymphoma, for which he was treated in 2003, had recurred.

He told People magazine: “One way to think of this is the scandal and everything that happened killed my brother very quickly - and it's killing me slowly.”

Start your day with The Independent, sign up for daily news emails
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs People

Recruitment Genius: HR and Payroll Manager

£35000 - £38000 per annum: Recruitment Genius: This dynamic outsourced contact...

Recruitment Genius: Production & Quality Control Assistant

£19000 - £21000 per annum: Recruitment Genius: An excellent opportunity for a ...

Ashdown Group: Group HR Advisor - Kettering - £32,000

£28000 - £32000 per annum: Ashdown Group: Group HR Advisor with an established...

Guru Careers: HR Manager / HR Generalist

£40 - 50k (DOE) + Bonus: Guru Careers: We are seeking a HR Manager / HR Genera...

Day In a Page

Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor
How to make your own Easter egg: Willie Harcourt-Cooze shares his chocolate recipes

How to make your own Easter egg

Willie Harcourt-Cooze talks about his love affair with 'cacao' - and creates an Easter egg especially for The Independent on Sunday
Bill Granger recipes: Our chef declares barbecue season open with his twist on a tradtional Easter Sunday lamb lunch

Bill Granger's twist on Easter Sunday lunch

Next weekend, our chef plans to return to his Aussie roots by firing up the barbecue
Joe Marler: 'It's the way I think the game should be played'

Joe Marler: 'It's the way I think the game should be played'

The England prop relives the highs and lows of last Saturday's remarkable afternoon of Six Nations rugby
Cricket World Cup 2015: Has the success of the tournament spelt the end for Test matches?

Cricket World Cup 2015

Has the success of the tournament spelt the end for Test matches?
The Last Word: Justin Gatlin knows the price of everything, the value of nothing

Michael Calvin's Last Word

Justin Gatlin knows the price of everything, the value of nothing