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January 3, 2011

Letters to the Editor

By Staff Reports

To the Editor:

Mark Madoff sadly took his life on Saturday, December 11, 2010. Mark served with me on many committees on the Security Traders Association throughout my tenure with the STA, and he was everything a good friend could be. He was an advocate for the customer; he was as knowledgeable about regulation as anyone could be. Mark served not only the STA, but also STANY and did so with dignity and grace. He was a worthy leader, and it is so sad to see what he has gone through over the last two years.

Mark Madoff

My heart goes out to his family, his children and to his wife who has suffered as much as anyone and now has to deal with this final act.

Throughout the years that I knew Mark, I knew him to be honest, genuine, funny, caring and all the qualities that a good friend would be.

I can't comment on Mark's father and the terrible situation that he forced on his family. All I can say is that Mark was my friend and I will miss him.

James Duncan

Sr. V.P. & Director International Trading


(STA Chairman in 2005)


To the Editor:

I was saddened upon hearing about the tragic suicide of Mark Madoff. Mark was one of the most thoughtful and talented young men I've known in the industry--one of the best and brightest. We are all painfully aware that Bernard Madoff, Mark's father, committed despicable crimes, ruining many lives.

The question of why Mark chose to take his own life is already the subject of speculation, and it ranges from shame to guilt, to the pain of having to make the decision to disclose his own father's criminal activities. Regrettably, we will never truly know the answer why. Madoff Investments was a small firm, but Mark's father was clearly skilled at deception, and I personally believe that Mark was not culpable or capable of such a fraud.

I can't claim to know without doubt the extent of Mark's involvement in his father's activities, although I have a strong opinion as to his innocence. I can, however, attest to my personal and professional experience with Mark over the course of nearly two decades. I don't consider myself an apologist for Mark Madoff. We were competitors, if anything. And at industry forums, we were frequently on opposing sides of an argument.

Nevertheless, I considered Mark a polite and eloquent in voicing his opinions. Respectable and respectful, I couldn't help but find Mark a likeable person, in spite of our differences. We are all poorer for his loss.

Sadly, Mark leaves behind four children who will not get to know the kind of man their father was, or the high esteem in which he was held by many, including his competitors. The good person, the man deserving of respect, that I believe Mark to have been, will be obscured by the noise about the sins of his father. In a very real sense, Mark and his children are added to the solemn list of Bernard Madoff's victims.

I hope that when Mark's children come of an age to understand these things, that someone who really knew him, takes the time to explain to them who their father was and how highly he was regarded.

Arthur J. Pacheco


Petrous Inc.

(STA Chairman in 1992)

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