Bernard Madoff, the jailed financial adviser who orchestrated the largest-ever U.S. Ponzi scheme, won't attend the funeral of his son Mark, who apparently hanged himself last week, CNBC reported Monday.

Instead, Madoff will conduct a private service in prison, the network said -- citing Ira Lee Sorkin, Madoff's attorney. "He will not be attending the funeral service out of consideration of his daughters-in-law and grandchildren's privacy," Sorkin said in a statement.

In late 2008, Madoff revealed his investment company had been committing fraud for decades. Losses from the Ponzi scheme, according to Associated Press, are estimated at $20 billion. Madoff is currently serving a 150-year term in federal prison.

Mark Madoff, 46, was found dead on Saturday -- the second anniversary of his father's arrest -- after apparently hanging himself with a dog leash at his Manhattan apartment. The eldest son of Bernard Madoff, Mark worked alongside his brother Andrew on Bernard Madoff's trading desk. While those operations weren't directly linked to the fraud, the brothers were sued by scammed investors for failing to stop the scheme and financially benefiting from it.

Just last week, Irving Picard, the trustee trying to recover money on behalf of Bernard Madoff's victims, filed lawsuits against seven global banks -- seeking total compensation of more than $1 billion.