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Stephanie Mack | |
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| Born | 1974 (age 48–49) Manhattan, New York, U.S. |
| Other names |
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| Alma mater | Franklin & Marshall |
| Known for | Widow of a son of Bernie Madoff |
| Spouse | |
| Children | 2 |
Stephanie Mack is an American who worked in fashion. [1] [2]
Mack attended Nightingale-Bamford, a small, expensive private school, from kindergarten through high school. [2] She earned a college degree at Franklin & Marshall in Pennsylvania.
After graduation, in 1996, she took a job as an editorial assistant at George magazine. [2] The magazine went out of business in 2001, and she started working as an assistant to Narciso Rodriguez, a fashion designer.
A friend set her up on a blind date with the recently divorced Mark Madoff, and the pair married in 2003. [1] [2] Her boss, Rodriguez, designed her wedding gown.
She and Madoff had two children, born in 2006 and 2009.
Her father-in-law, Bernie Madoff, had been a highly respected financier, until the collapse of the real-estate bubble, in 2008. [1] He had been a swindler and had been running one of the longest-running Ponzi schemes, and the most successful in history, until the bubble's collapse. On December 10, 2008, Madoff informed his wife, Ruth Madoff, Mark Madoff, and his younger son Andrew Madoff that he had been a swindler.
In 2009, Bernie Madoff was sentenced to 150 years in prison. Mack's husband and his brother, uncle, and a variety of cousins had all worked for her father-in-law's firm, without knowing of the swindle. Nevertheless, the rest of the family was subjected to unpleasant scrutiny and suspicion. Her husband Mark died by suicide on December 10, 2010, the second anniversary of her father-in-law's confession.
In 2011, Mack published a memoir about her life so far, The End of Normal. [3]
In 2012, Mack and Deborah Madoff, the estranged wife of her brother-in-law Andrew Madoff, were sued by Irving Picard, to recover funds to pay back her father-in-law's swindled clients. [2] [4] [5] [6] They reached settlements with the trustee in 2017. The bankruptcy judge ruled that Susan Elkins, her husband's first wife, had acquired her fortune early enough that she got to keep it. [7]
Fred Wilpon is an American real estate developer and former baseball executive. He was principal owner of the New York Mets from 1987 to 2020.
BakerHostetler is an American law firm founded in 1916. One of the firm's founders, Newton D. Baker, was U.S. Secretary of War during World War I, and former Mayor of Cleveland, Ohio.
Bernard Lawrence Madoff was an American fraudster and financier who was the mastermind of the largest Ponzi scheme in history, worth about $64.8 billion. He was at one time chairman of the Nasdaq stock exchange. Madoff's firm had two basic units: a stock brokerage and an asset management business; the Ponzi scheme was centered in the asset management business.
Andrew Madoff was an American financier, best known for his role in exposing the financial crimes of his father, Bernie Madoff, whose Ponzi scheme has been widely described as the most successful in history.
Mark David Madoff was an American financier who exposed the multi-billion dollar Ponzi scheme committed by his father, Bernie Madoff.
Ruth Madoff is the widow of Bernie Madoff, the convicted American financial fraudster who served a prison sentence for a criminal financial scheme until his death in April 2021. After her husband's arrest for his fraud, she and her husband attempted suicide in 2008. While she had $70 million in assets in her name, after her husband was imprisoned, she was stripped of all of her money other than $1–2 million, by the government and by the trustee for her husband's firm, Irving Picard.
Jacob Ezra Merkin is an American investor, hedge fund manager and philanthropist. He had been a fund manager and capital raiser until 2008 when one of the funds in Gabriel Capital LP, his $5 billion group of hedge funds became insolvent because a large portion of its assets was invested with the convicted Ponzi scheme operator Bernard Madoff. The fallout from his investment with Madoff has been extensive. He navigated a series of lawsuits without a finding of fraud or knowledge of the scheme, but agreed to repay any fees earned from the investment in Madoff historically. He had to resign a series of positions including his role as non-executive chairman of GMAC.
Sonja Kohn is an Austrian banker.
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
Participants in the Madoff investment scandal included employees of Bernard Madoff's investment firm with specific knowledge of the Ponzi scheme, a three-person accounting firm that assembled his reports, and a network of feeder funds that invested their clients' money with Madoff while collecting significant fees. Madoff avoided most direct financial scrutiny by accepting investments only through these feeder funds, while obtaining false auditing statements for his firm. The liquidation trustee of Madoff's firm has implicated managers of the feeder funds for ignoring signs of Madoff's deception.
Recovery of funds from the Madoff investment scandal has been underway since the scandal broke in December 2008. That month, recovery trustee Irving Picard received funds from the Bank of New York account where Bernard Madoff held new investments into his Ponzi scheme. As it has been concluded that no legitimate investments were made on the investors' behalf for at least the last 12 years of operation, recovery has proceeded on a "money in/money out" basis. Investors are entitled to receive no more than the nominal cash amounts that they paid in and did not subsequently withdraw, without regard to inflation, interest, opportunity cost or the false statements that Madoff provided them. Those statements combined to a total balance of approximately $64 billion, while the admitted claims amount to $19.5 billion. As of March 2022, the trustee had recovered $14.6 billion toward these claims through legal action against Madoff associates, feeder funds and beneficiaries of the scheme, and had made fourteen distributions to investors. Action by the Department of Justice has recovered an additional $4 billion.
Irving H. Picard is a partner in the law firm BakerHostetler. He is known for his recovery of funds from the Madoff investment scandal from investors, Bernie Madoff and his family, and their spouses and estates. Under Picard, some of those scammed by Madoff were demanded to pay back money they had previously withdrawn from Madoff's phony fund, re-victimizing some of Madoff's victims, including by suing elderly investors for their IRAs and other accounts. Throughout the ordeal, Picard's law firm was paid approximately $1 billion.
Jeffry M. Picower was an American investor involved in the Madoff investment scandal. He was the largest beneficiary of Madoff's Ponzi scheme, and his widow agreed to have his estate settle the claims against it by Madoff trustee Irving Picard for $7.2 billion, the largest single forfeiture in American judicial history.
Stanley Chais was an American investment advisor, money manager, and philanthropist. He operated "feeder funds" which collected money for funds related to the Madoff investment scandal. The widow, family, and estate of Chais settled with Madoff trustee Irving Picard in 2016 for $277 million.
Saul Katz is a real estate developer, former president of the New York Mets and accused Bernie Madoff co-conspirator.
Kingate Management is a Hamilton, Bermuda hedge fund. It was a feeder fund into the securities firm of Bernie Madoff, as part of the Madoff investment scandal.
Shana Diane Madoff, sometimes referred to as Shana Madoff Skoller Swanson, is an American former attorney who is now a yoga teacher.
Defender Limited is an investment fund. It was incorporated in the British Virgin Islands in 2007. Defender funneled clients' funds to Bernard Madoff's firm as part of a Ponzi scheme run by Madoff. Madoff was arrested in December 2008, and pleaded guilty to fraud in 2009. He is serving a 150-year prison term.
Sterling Equities is a diversified, family-run group of companies based in Great Neck, New York whose portfolio consists primarily of holdings in real estate, sports, and media in the New York area. These include the New York Mets, the Brooklyn Cyclones, SportsNet New York, the New York Excelsior, Sterling Project Development, and a number of real estate investment portfolios and real estate services businesses. The firm became embroiled in the Bernie Madoff Scandal exposing a relationship between Sterling Equities partners and Bernie Madoff spanning 20 years. The partners eventually settled a billion dollar suit with the Madoff Trustee, Irving Picard, for $161 million.
Genevalor Benbassat & Cie is an asset manager located in Geneva, Switzerland. The firm set up five European feeder funds that invested almost $2 billion into Bernie Madoff's criminal Ponzi scheme.
Eventually my children will learn about the complex details of their father's family, and that he took his own life. They'll be angry, and they'll grieve in different ways. But, for now, they're young, and I find that in our grief, we end up celebrating our lives together. We have new memories complete with laughter and dancing. And somehow, we have found a peaceful place for Mark in them as well.
It was clear that Mark had the right pedigree. He'd grown up in Roslyn, Long Island—rich, gregarious and considered the "golden boy." At the University of Michigan, he pledged Sigma Alpha Mu, the go-to fraternity for rich "golden boys" from the East Coast, and after he graduated he went straight to work for Bernard L. Madoff Investment Securities.
In your book, "The End of Normal," you write about a girlfriend setting you up on a blind date with your future husband, Mark Madoff, whom she described as "one of the wealthiest men in New York." Was that appealing?
Irving H. Picard is expanding an existing lawsuit to also include three of Madoff's sons' spouses. The suit claims that the women should have been aware of and reported Madoff's fraud, which bilked investors of $20 billion.
The revised complaint adds Stephanie Mack, Mark Madoff's widow, and Deborah Madoff, Andrew Madoff's wife, as defendants on $54.5 million in claims for unjust enrichment. Picard also is suing for $3 million that allegedly was transferred to the two women and to Susan Elkin, Mark Madoff's first wife.
{{cite news}}: CS1 maint: url-status (link)US Bankruptcy Judge Burton Lifland in Manhattan said that the trustee Irving Picard may pursue about US$43mil of claims against Deborah Madoff, who married Andrew Madoff, and US$33mil of claims against Stephanie Mack, the widow of Mark Madoff.
{{cite news}}: CS1 maint: url-status (link)