Andrew Madoff Leaves Behind $15 Million to Family

Andrew Madoff, the son of convicted Ponzi schemer Bernard Madoff, left more than $15 million in property to his children, wife and fiancée in his will following his death from lymphoma. 

According to his will, Madoff left all of his tangible and personal property to his daughters, one-third of his estate to his estranged wife, and the rest to his fiancée. 

Madoff and his older brother, Mark, headed the trading desk at Bernard L. Madoff Investment Securities LLC, leading the market-making business of the firm while their father handled client investments.  The firm’s clients invested $17.5 billion in principal and were conned in believing, through falsified statements and trade confirmations, that they had a total of $64.8 billion in their accounts.

In December 2008 Andrew and Mark contacted the FBI to expose their father’s fraud scheme after he confessed to them because his investment business was being besieged by orders he could not fill.  Though sued for millions, the brothers were never charged with collusion in the fraud.

See Bloomberg News, Andrew Madoff Leaves More than $15 Million to Family, Fiancée, Private Wealth, Sept. 12, 2014.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.