NEW YORK (CBSNewYork/AP) – Andrew Madoff, the son of infamous Ponzi schemer Bernard Madoff, has died.
Madoff, 48, died Wednesday of mantle cell lymphoma cancer.
He died in his sleep at Sloan Kettering Cancer Center surrounded by his family, according to a family attorney.
In an interview with 60 Minutes in 2011, Andrew Madoff insisted he had no idea what his father was up to.
Bernard Madoff was arrested on Dec. 11, 2008, the morning after his sons notified authorities through an attorney that he had confessed to them that his investment business was a multibillion-dollar Ponzi scheme that cheated thousands of investors. He was sentenced to 150 years in prison.
Bernard Madoff ran the scheme for at least two decades. In January, CNBC reported he was diagnosed with kidney cancer and was recovering from a heart attack.
In 2010, his son Mark committed suicide in his SoHo loft apartment.
Mark and Andrew Madoff both worked on a trading desk at Madoff’s firm. It was a side of the business that wasn’t directly involved in the Ponzi scheme.
A lawsuit previously filed by the trustee for the victims of the Ponzi scheme previously claimed Andrew was paid $31 million in salary and bonuses between 2001 and 2008 and reaped tens of millions more from Madoff investment accounts, loans for homes and boats and funds to pay for vacation travel, clothes and exclusive memberships.
Andrew Madoff told 60 Minutes’ Morley Safer that he “was fortunate over the years of running the business that Mark and I ran and enabled my brother and I to live a comfortable lifestyle.”
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