The Madoff Dynasty: A Family Operation

So who were the employees who turned in alleged fraudster funds manager Bernie Madoff? There’s widespread speculation that his own family members might have turned him in. Of course, there’s also speculation that at least some family members might have been in on the scam. Why all the finger pointing at the other Madoffs?

Because the Madoff securities firm was full of family members. It seems that a Madoff family member held almost every important position at the securities firm, running everything from trading to compliance.

This eight year old profile spells it out:

Mark [Madoff, pictured here holding a fish] joined the family team in 1986 when he graduated from the University of Michigan. By that time, he was the third family member to jump on board. Peter Madoff, senior managing director and head of trading, began at the firm in 1965 and graduated from Fordham Law School in 1967. That same year Peter had a daughter named Shana. She joined the firm in 1995 after graduating from the same law school her father attended and currently serves as in-house council. Following Peter came Charles Wiener, the son of Bernie’s sister Sandra. Charles joined Madoff Securities in 1978 and now serves as director of administration. After Mark joined in 1986, Andrew Madoff, Bernie’s youngest son, started in 1988 having graduated from the University of Pennsylvania’s Wharton School of business and is currently director of Nasdaq trading. Peter’s son Roger Madoff joined Primex Trading in 1999-Primex is an alternative trading system formed from a partnership of four large investment banks and Madoff Securities. “What’s nice is that everyone has their own area, I have compliance, Mark has listing, Andy has Nasdaq. So even though we can work together, we’re not all thrust into one position fighting over something to do,” says Shana.

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