The 14-page long suicide note written by Robert Markman has been obtained by the Minneapolis Star Tribune.
UPDATE: Markman’s widow says that at the end of the investigation, it was determined that there were no victims.
For more background on Markman, click here.
Investors learned Markman Capital was might have been a fraud after he shot himself on Febuary 19th this year and left a suicide note telling the story of his crimes:
On Feb. 19, Markman’s wife dropped him off at his Edina office, briefcase in one hand, a large Caribou coffee cup in the other. Shortly after arriving, he let himself into the private gym he had rented in the building and shot himself. In the magazine rack next to him he left behind four books on suicide grieving.
Markman apparently started as a successful mutual fund manager, but then he fumbled after the tech bubble. A hedge fund he started with three “house accounts,” as he calls them, never made the returns he promised investors.
Here’s what he wrote in his note. Excerpts are courtesy of the Minneapolis Star Tribune:
“I owe millions of dollars, and have nothing but my life insurance with which to pay it back.”
“For decades I’ve felt trapped, like, someone who has had a stroke who can think on the inside, but cannot communicate on the outside. … I feel like I have disappeared long ago. … So here is the story. My secret life of terrible crime.”
“Even when my returns were the best in the country, I felt I was just a fraud.”
[He wrote that he used the new money to make payments on the old money. He recalls how his wife and two daughters looked him in the eyes and asked how Bernie Madoff, whose Ponzi scheme had just made news, could do such a thing.]
“And it was a dagger in my heart knowing that this was the same road I was headed down, if I did not do something.”
[He says he flew to Chicago to meet with Morningstar, hoping they would write about him so he could raise more money to pay back old investors.]
“They absolutely refused to write one word — not one word. Why, guys? I knew then that I was doomed.”
Markman left the note in his office along with details about his life insurance plan and how to repay investors with it.
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