How Madoff's surviving son handles grief and scandal

News in pictures
News in pictures
On Facebook
From the blogs

Disclosure: We’d never even been to a club when we made our first single

For most of us, reaching eighteen years of age opens up a new world for exploration, spontaneity and...

Top of the posts: Drunken rants, the Western Fail and misogyny pushers

The most read blogs this week, as determined by stats.

Sepp Blatter: Penalty shoot-outs must remain, they’re football’s great leveller

As England supporters, we should scorn at any such deciding factor within football. On so many occas...

Why do some men consider the street as a female meat market?

Pronouncements on sexual inequality in the UK are normally met with an eye roll by my generation. As...

The fiancée of Bernard Madoff's surviving son has provided a glimpse of life in the shadow of history's biggest fraud, revealing how Andrew Madoff has thrown himself into music and new business ventures as a whirlwind of recrimination continues to swirl around him.

The intimate portrait presented by his fiancée, Catherine Hooper, comes in the wake of the suicide of Bernard Madoff's oldest son, Mark, on the second anniversary of the pyramid schemer's confession earlier this month. Andrew Madoff has been devastated by his brother's death and has sought solace with friends, Ms Hooper said. "They communicated as much as possible," she said. "But they weren't in the same place emotionally."

The Madoff sons are among dozens of people being pursued by a trustee working to recoup money for their father's victims. Both worked in parts of their father's business, though they have denied any knowledge of the secrets at the heart of his investment management division, which claimed to be managing $65bn (£42bn) on behalf of clients. All its investments were fictions, and thousands of people discovered that their retirement nest eggs do not exist.

Andrew Madoff has not spoken to his father since the day in December 2008 when, having been told the family business was based on lies, he called the FBI. Bernard Madoff was jailed last year for 150 years. The two sons have also cut off contact with their mother, Ruth Madoff.

Mark Madoff was found hanged in his Manhattan apartment on 11 December. The family name, he had told friends, and the cloud of suspicion had made it impossible for him to find work or to move on.

Andrew Madoff works as operations director for a business venture with his fiancée, called Black Umbrella, which helps families prepare for emergencies, such as a financial or physical crisis.

"You can still have a full life while remembering what really happened," Ms Hooper said in an interview with The Wall Street Journal about living with Andrew Madoff under the shadow of the family scandal. "When all of this happened, we decided that we weren't going to sit around all of the time with our laptops on our laps reading blogs. We were not going to sit around talking about how horrible this is. There are some things that are just going to be a disaster no matter what you have planned."

Andrew Madoff, she revealed, has been taking piano lessons and focusing on the couple's investment in a fly-fishing store, the venture that first brought them together. Mr Madoff is divorcing his first wife, Deborah, although financial negotiations have been complicated by the legal actions associated with his father's fraud. He must get trustee approval to spend more than $1,000, and must keep receipts for every expenditure over $500.

The bankruptcy trustee, Irving Picard, has so far recovered more than one-third of the estimated $20bn that clients actually handed Madoff to invest.

Ponzi beneficiaries

* Ruth Madoff: Enjoys a luxurious lifestyle despite surrendering $80m, leaving her with just $2.5m in cash. The only drawback: being ordered to clear all purchases over $100.



* Annette Bongiorno: Madoff's assistant for 40 years has refused to co-operate with investigators. The authorities are trying to recover the $14m she received from Madoff.



* Frank Dipascali: Madoff's chief financial officer "told all" in a plea bargain in August 2009. He admitted to knowing about the fraud for decades.



* Jeffrey Picower: Withdrew at least $5.1bn – more than Madoff himself – and drowned accidentally in 2009. Last week his estate was ordered to pay $7.2bn to compensate victims.

Josephine Forster

Independent Comment
blog comments powered by Disqus
Career Services

Day In a Page

Patrick Cockburn: I fear this terrible massacre will be the beginning of a long civil war in Syria

Patrick Cockburn

I fear this terrible massacre will be the beginning of a long civil war in Syria
Hardeep Singh Kohli: For me, it is all about 'Gregory's Girl', a record of first love

Hardeep Singh Kohli

For me, it is all about 'Gregory's Girl', a record of first love
Christian Louboutin: 'I don't think comfort equals happiness'

Christian Louboutin interview

'I don't think comfort equals happiness'
Happy birthday, Hotel Babylon!

Happy birthday, Hotel Babylon!

Hollywood's home to the A-list celebrates 100 years of discreet luxury
Rupert Cornwell: Low-rise capital could finally reach for the sky

Rupert Cornwell: Out of America

Low-rise capital could finally reach for the sky
The secret life of the red carpet

The secret life of the red carpet

As Cannes reaches its climax with the Palme d'Or and the celebrities gather in London for the Baftas tonight, Kate Youde and Jack Dean investigate the real star of the show
It's not easy being Professor Green: The rapper, the heiress and a drama made in Chelsea...

It's not easy being Professor Green

The rapper, the heiress and a drama made in Chelsea...
Hardcore, hard-wired: How the prevalence of porn is changing our everyday lives

How porn is changing our lives

It's everywhere - from pop videos to fashion magazines to the theatrical stage.
River Phoenix: the final reel

River Phoenix: the final reel

Twenty years after the actor's death, his last film is to be released
Facebook: The shares shenanigans

Facebook: The shares shenanigans

Investors are crying foul over the huge losses they incurred when the social network site floated on the stock market last week
Up and away – how '7 Up' went global

Up and away – how '7 Up' went global

As the last episode of Britain's '56 Up' airs, the first episode of '28 Up', from the former USSR, starts. Then there's the US, Japan, Germany...
You'll soon pick this up: Tuck into Bill Granger's fresh street food

Tuck into Bill Granger's fresh street food

It provides perfect party fare for some fun in the sun...
All to play for: How is Ukraine shaping up ahead of Euro 2012?

How is Ukraine shaping up ahead of Euro 2012?

Peter Popham casts his eye over the state of the Euro 2012 co-host ahead of the tournament.
Red or not, here they come: Artists reimagine the iconic telephone booth

BT ArtBoxes: Red or not, here they come

Artists reimagine the iconic telephone booth...
The Last Word: Premier bullies devise youth system bound to end in tears

The Last Word

Premier bullies devise youth system bound to end in tears