Bernie Madoff's son has died of lymphoma at the age of 48. Andrew Madoff was the last surviving son of Bernard. Another son, Mark, committed suicide in 2010. CNBC shared the details about Madoff's son dying on Wednesday.
Andrew Madoff is said to have died at Sloan Kettering Cancer Center. Reports indicate that he passed away peacefully while surrounded by his family. As the Washington Post notes, Andrew was first diagnosed with lymphoma in 2003. The disease was in remission for about a decade, but it recurred last year.
Andrew and Mark Madoff were the ones who turned in Bernard Madoff for his Ponzi scheme in 2008. The elder Madoff had tearfully confessed to his sons that his empire had been “all just one big lie." Hours after that the sons worked with a lawyer and contacted the police to report their father. Bernie is now serving a sentence of 150 years in federal prison for the charges which include money laundering and securities fraud. Mark hanged himself exactly two years after his father's arrest.
Though both Mark and Andrew worked in the family business, they both denied being involved in the financial schemes their father orchestrated. Though Andrew was never criminally charged, and he denounced his father after the details on the scheme were revealed, he did face a civil lawsuit. The suit by Irving H. Picard, the trustee managing the liquidation of the firm, alleged that the brothers had known about Bernie's fraud and altered or deleted records.
Ultimately the Madoff fraud was said to total $65 billion in paper wealth. Andrew Madoff did a "60 Minutes" interview in 2011 where he tried to explain how such a massive scheme went undetected by both Madoff sons. He said that in the end, he had felt that he had “been used almost as a … human shield by him.”
Andrew added that he felt what his father had done was unforgivable. He felt that “No father should do that to their sons.” He also indicated that he had been “eager, I would say almost desperate” to publicly tell people he was not involved in his father's scheme.
Andrew was estranged from his mother Ruth for some time after the scheme imploded. However, the two did reconcile after she distanced herself from Bernie and after Mark's suicide. The news that Madoff's son died of his cancer is the latest sad chapter in a complicated and twisted family history for this family. While Andrew reconciled with his mother, it seems he never did reconcile with or forgive his father.