Andrew Madoff, the last surviving offspring of convicted Ponzi scheme architect Bernard Madoff, died Wednesday after a battle with cancer.
“Andrew Madoff has lost his courageous battle against mantle cell lymphoma,” his attorney, Martin Flumenbaum, said in a statement.
Madoff, 48, died peacefully at Memorial Sloan Kettering Cancer Center in New York City, surrounded by relatives, Flumenbaum said.
Funeral arrangements will be private, the attorney said.
Madoff’s death came after his older brother, Mark Madoff, committed suicide by hanging himself in December 2010 — the second anniversary of the collapse of the scam their father masterminded to steal as much as $20 billion from thousands of average investors, charities, celebrities and others worldwide.
Bernard Madoff, now 76, pleaded guilty without standing trial after he disclosed the scam’s impending implosion to his sons, and they notified authorities. The disgraced financier is now serving a 150-year prison sentence at the medium-security federal correctional institution in Butner, N.C.
Mark and Andrew Madoff worked at the market-making and proprietary trading division of their father’s Manhattan-headquartered business. They consistently maintained they were unaware of the massive fraud that operated for decades in the firm’s investment advisory division. Neither brother was charged criminally.
However, prosecution testimony during the recent conspiracy and fraud trial of five former Madoff employees alleged the brothers were present at a meeting where their father and other company executives discussed erasing potentially incriminating emails from a server before giving the data to the Securities and Exchange Commission for examination.
The ex-employees were convicted in March and are scheduled to be sentenced later this month.
Based in part on the prosecution testimony, Irving Picard, the trustee seeking Bernard Madoff’s assets on behalf of victimized investors, in July sought approval to file an amended U.S. Bankruptcy Court lawsuit against the brothers. He sought the return of more than $153 million that Andrew and Mark Madoff received in what the action characterized as salaries, sham loans and phony trading profits.
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SOURCE: USA Today – Kevin McCoy