Jailed Ponzi scheme mastermind Bernard Madoff’s son Andrew died on Wednesday at a hospital in New York City after a long illness. He was 48.
Bernard Madoff has now lost both of his sons since the father was imprisoned in 2009 for running one of the largest investment frauds in history. His other son, Mark, committed suicide in 2010, apparently suffering from stress in the wake of the notoriety brought about by his father’s crimes.
The cause of Andrew’s death was cancer, according to family sources who confirmed the death to FOX Business.
“Andrew Madoff has lost his courageous battle against mantle cell lymphoma,” his lawyer, Martin Flumenbaum, said to Reuters. “He died peacefully at Memorial Sloan Kettering Cancer Center on Sept. 3, 2014, surrounded by his loving family.”
Both sons denied any knowledge of or involvement with their father’s multi-billion investment fraud. The two worked for years at their father’s ostensibly legitimate market-making business in a midtown Manhattan office building one floor above the office’s where Bernard Madoff ran his Ponzi scheme.
Despite extensive investigations into their possible involvement, neither son was ever charged with a crime, although both faced civil suits that alleged they benefited improperly from their father’s crimes.
Bernard Madoff was arrested in December 2008 after his massive Ponzi scheme began to unravel. He pleaded guilty a few months later to ripping off what investigators have estimated may have been $16 billion in principal from investors. He is now serving a 150-year sentence in federal prison.