Ponzi

What Did Madoff's Sons Know?

Bernard Madoff’s sons, Mark and Andrew have insisted all along that they knew nothing of their father’s scheming, but The Wall Street Journal reports that, while there is no evidence of criminal wrongdoing, they may have been closer to their father’s investment operation than they’ve let on. They met regularly with their father and other senior officials; invested their own money with Madoff; talked with Madoff’s lieutenant who is now a focus of the criminal investigation; and defended their father’s investment operation against critics. In 2001, Mark reassured dozens of Madoff traders that the investment operation was legitimate after Barron's published a skeptical article. Mark also withdrew his personal funds from his father’s investment-advisory operation sometime before his 2000 divorce for unknown reasons. Andrew, meanwhile, is said to have had several million dollars invested with his father.