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Andrew Madoff

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Andrew Madoff
Born(1966-04-08)April 8, 1966[1]
Roslyn, New York, U.S.[2]
DiedSeptember 3, 2014(2014-09-03) (aged 48)[3]
New York City, U.S.[3]
OccupationFinancier
Known forResponse to his father's fraud
Spouse
Deborah Anne West
​
​
(m. 1992; sep. 2007)​
PartnerCatherine Hooper
Children2
Parents
Relatives

Andrew Madoff (/ˈmeɪdɔːf/ MAY-doff;[4] April 8, 1966 – September 3, 2014) was an American financier, best known for exposing alongside his brother the financial crimes of his father, Bernie Madoff, whose Ponzi scheme has been widely described as the most successful in history.[3][1][5]

Biography

[edit]

Andrew earned a bachelor's degree in economics from the University of Pennsylvania in 1988.[6] He and his brother Mark worked for their father's firm, but in a division removed from their father's deceptive practices. As the financial crisis of 2008 made markets plunge, their father was unable to maintain the deception; they later described how he confessed his ongoing scheme to them and their mother on December 10, 2008.[1] Their father asked them to give him 24 hours before going to the police so he could get his affairs in order, but the brothers chose not to; their father was arrested the next day, and the brothers never spoke with him again.

Andrew married Deborah Anne West in January 1992.[7][8] According to Jerry Oppenheimer's Madoff with the Money, the pair separated in 2007; Madoff later became engaged to Catherine Hooper, claiming that they met after his separation, although that has been disputed. Madoff and Hooper announced their plans to marry and lived together for years, but his divorce had not been completed prior to his death.[9][10]

Andrew Madoff was diagnosed with cancer in 2003.[1] His cancer went into remission, but returned in 2011, which he attributed to stress from the fallout over his father's crimes. Andrew Madoff died while undergoing further cancer treatment on September 3, 2014.[11]

Before his death, Madoff and Hooper set up an agency that specialized in grief counseling.[1]

After his death, Reuters described ongoing attempts to sue Andrew Madoff and his brother's estate, in spite of a British court's ruling that the pair were not co-conspirators.[12] Irving Picard, trustee for their father's victims, sued Andrew, and sued his brother's estate, on July 15, 2014, a month before he died.[13][14]

Andrew Madoff retained an estate of $16 million;[10] his will left a substantial fraction of this estate to his widow wife including a trust fund for his daughter; however, due to the lawsuit, they did not receive the money. In 2017, the lawsuit concluded, and Andrew's estate was left with $1 million.[15][16]

References

[edit]
  1. ^ a b c d e 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.
  2. ^ "Andrew Madoff: Financier who turned in his father Bernie on". The Independent. 2014-09-09. Retrieved 2023-11-09.
  3. ^ a b c "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.
  4. ^ "Voice of America pronunciation guide". Voice of America. Archived from the original on July 18, 2011.
  5. ^ 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.
  6. ^ 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.
  7. ^ "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.
  8. ^ Jerry Oppenheimer (2009). "Madoff with the Money". John Wiley & Sons. p. 198. ISBN 9780470504987. Retrieved 2020-10-18.
  9. ^ 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.
  10. ^ a b 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.
  11. ^ "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.
  12. ^ 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.
  13. ^ "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.
  14. ^ "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.
  15. ^ "Southern District of New York | More Than $23 Million In Assets Recovered From The Estates Of Bernard Madoff's Sons And From His Daughter-In-Law | United States Department of Justice". www.justice.gov. 2017-06-27. Retrieved 2024-05-22.
  16. ^ "Madoff sons' estates in $23 million settlement over Ponzi scheme". Reuters. June 26, 2017.
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