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.


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Michael

Pete what a idiot. Bernie I have a dog leash for you and video of your son hanging dead while your grandson is sleeping. Bernie does not need to attend the funeral. He made all the arrangements.

December 15 2010 at 3:04 PM Report abuse +1 rate up rate down Reply
pete

When the US and state governments have allowed murders, rapists, and child molesters leave to attend funerals, this move reeks of childish vindictiveness. It is just plain mean!

December 14 2010 at 5:14 PM Report abuse rate up rate down Reply
Louise

regardless of the relationship to the deceased..Bernie Madoff is a prisoner and desreves nothing more than being treated like a prisoner!!..It's about time this system started treating criminals like they broke the law instaed of finding "reasons" to make their time in prison more acceptable to them and their families....maybe...just maybe..if they were punished instaed of pampered, law abiding citizens would live in a safer more peaceful enviornment in this country!!

December 14 2010 at 3:47 PM Report abuse rate up rate down Reply
lewelbrooks

MADOFF IS A PIKER COMPARED TO THE GOVERNMENT. THEY HAVE YOKED FUTURE GENERATIONS TO PAY FOR THE TRILLIONS OF DOLLARS THAT THEY HAVE INDEBTED US

December 14 2010 at 3:44 PM Report abuse rate up rate down Reply
Allen

Despite all the hatred directed at Bernie Madoff, he is a human being. I am sure that the guilt over his son's suicide is overwhelming. Bernie is getting what he deserved and I would not want to be in his shoes for any amount of money. Money is not the root of all evil, but the LOVE OF MONEY is.

December 14 2010 at 3:07 PM Report abuse +2 rate up rate down Reply
lydiate

Been moping for a few weeks over various crap in my life and wondering why my family can't seem to get it together. After reading this article and thinking about the Madoff clan and their woes, I'm feeling pretty good about my lot right now.

December 14 2010 at 2:47 PM Report abuse +2 rate up rate down Reply
Uncle Chuck

This article makes it sound like Bernie made the decision not to attend. Ummm...he's in prison. Generally, inmates do not make the decisions about if they will or will not attend outside functions.

December 14 2010 at 2:27 PM Report abuse +2 rate up rate down Reply
alinskysucks

Madoof is personally responsible for his sons death and a few others. May God have mercy.

December 14 2010 at 2:27 PM Report abuse +1 rate up rate down Reply
DANIEL

I disagree. The largest-ever Ponzi scheme in U.S. history is Social Security!

December 14 2010 at 2:06 PM Report abuse +2 rate up rate down Reply
1 reply to DANIEL's comment
hctwins2

You are one sick puppy.

December 14 2010 at 2:31 PM Report abuse rate up rate down Reply
mopsy1

The investors were part of their own downfall. I use a wealth management person but I would be very suspicious of 15%+ returns and never a statement detailing securities traded. people with that much money are not unaware of the danger signals-but I think greed overcame them as it did Madoff.

December 14 2010 at 1:17 PM Report abuse rate up rate down Reply