UPDATED: Bernard Madoff Outlives More Victims: His Sons $16 million left to Family-Victims Fight For Fair Share
Updated September 12, 2014
Madoff Leaves behind more than $16 million to family but not his mother
(below original story)
September 3, 3014
There is no doubt that Bernard Madoff convicted of one of the largest Ponzi-schemes and sentenced to 150 years in federal prison was operating under The Sociopathic Business Model™, where all accomplices eventually become victims. Today, his lone surviving son, 48-year old Andrew Madoff and accomplice turned victim died from cancer.
Both Andrew Madoff and Mark Madoff were executives at their father’s trading firm. It’s tough to believe that Bernard Madoff’s sons weren’t aware of the $65 billion Ponzi-scheme they were helping their father maintain; however, both sons turned their father over to authorities (damage control) and were never charged in the crimes.
Like many employees who were asked to do unethical or illegal things for their employers pathological lies, manipulations, fear, threats, intimidation or retaliation ending in job loss often prevent employees from coming forward sooner. It also creates a situation that’s tough to view those once complicit with crimes (accomplices) later as victims, when in fact (not if) they become victims because of their initial involvement.
However, like all these situations there are two sides and in the Madoff scandal I tend to think his sons were not in absolute favor of their father’s unethical and illegal activity. Madoff’s son Mark, in the most passive-aggressive final fuck you to his father, committed suicide on the two year anniversary mark of his father’s downfall.
It’s one thing if we find out our employer (or someone we trusted) lied to us (that’s betrayal) but it can possibly be remedied at a very high cost to the injured party; however, when the person who is supposed to protect you (a father) and is also your employer (in the case of Andrew and Mark Madoff) that betrayal cannot be remedied by any amount of money or court system. While many will not want to see it this way even those who invested with Bernard Madoff were accomplices (getting huge returns, recruiting others to invest with Madoff, many of whom ignored the signs) who evenually became victims. This is not a case of victim blame but rather victim explain.
CEO’s who operate under The Sociopathic Business Model™ could very likely be sociopaths themselves in that they tend to lack shame, remorse or guilt with replicated unethical or illegal behavior. Sociopaths will never commit suicide and since Mark Madoff did it shows he was capable of shame, remorse and guilt and he exacted a form of justice on his father that no court system could. Sadly his actions will not impact the one person they were designed to because shame or guilt are likely emotions Bernard Madoff is not capable experiencing. However, if there is justice in this world (and I have to believe there is) every negative event in Bernard Madoff’s life will be some victory for each of his thousands of victims.
It’s not uncommon for sociopaths, much like cockroaches, to outlive and outlast their victims because again they’re operating without shame, remorse or guilt. Death often surrounds those employing The Sociopathic Business Model™ whether with a pill, pistol or Ponzi-scheme; and, there’s a learning opportunity for everyone from The FBI BAU-2, to investors, employees or even those dealing with toxic people in their personal lives, to not ignore the signs and work hard to remove them. Bernard Madoff outlived his two sons who appeared to be shamed by their father’s actions even if he wasn’t. While Andrew Madoff succumb to cancer it would be tough to argue that he was yet another victim of Bernard Madoff.
As has been mentioned on this site before, just because someone didn’t admit to wrongdoing or because the authorities did not prosecute, doesn’t mean there wasn’t any wrongdoing.
Ponzi spawn Andrew Madoff was worth a whopping $16 million, his newly filed will reveals — a small fortune that has dad Bernie Madoff’s victims furious.
“Sixteen million? And all these people were out of their money?” said outraged victim Judith Welling, 77.
“I would say there are going to be a lot of very angry people,” predicted Welling, a retired Manhattan publishing exec who lost millions of dollars that she and her husband had been saving for their children.
“It’s not fair — it’s not fair at all,” said victim Angelo Viola, 85, of Staten Island, when told of the amount.
At the time of his death, Andrew had been fighting an effort by the victims to recover a total of $153.3 million from Andrew and from the estate and widow of his brother, Mark, who hanged himself in 2010.
The victims’ trustee, Irving Picard, has contended in court papers that both Andrew and Mark aided in and profited from their father’s criminal enterprise, although neither brother was prosecuted.
Both brothers stopped speaking to their father, Bernard Madoff after his trial. And just because Andrew Madoff’s money was willed to his family it doesn’t mean the victims of Ponzi won’t have claim to that money, and rightfully so. Sadly the victims quoted are 85 and 77 where a lengthy court battled could work agaisnt them which is re-victimizing the victims all over again.
Madoff’s willed holdingsinclude about $11 million in “personal property,” plus about $4.5 million in real estate, Bloomberg says. The will was written in July and filed on Thursday in Surrogate’s Court in Manhattan.
One-third of his estate has been left to his estranged wife, Deborah West, while the remaining has been willed to his fiancée, Catherine Hooper, in the form of $50,000 payments each month for the rest of her life, says the New York Daily News.
Ruth Madoff, his mother, is not included in the will, Bloomberg says.