Hedge fund executive who lost millions to Bernie Madoff's ponzi scheme jumps off hotel balcony to hi

[Judi Lynn]

Source: Independent

Hedge fund executive who lost millions to Bernie Madoff's ponzi scheme jumps off hotel balcony to his death

Reports said Charles Murphy's family was struggling to pay its bills

Andrew Buncombe New York @AndrewBuncombe 6 hours ago


An investor who reportedly lost millions of dollars in disgraced financier Bernie Madoff’s notorious Ponzi scheme, has jumped to his death from a luxury New York hotel.

Reports said Charles Murphy, 56, whose hedge fund invested billions of dollars of clients money with Madoff, died after stepping from the 24th floor of the Sofitel New York Hotel, located on West 44th Street.

The New York Times reported in 2009, that Mr Murphy’s hedge fund, Fairfield Greenwich Group, invested more than $7bn with Madoff, and lost much of their clients’ money.

Fairfield lost nearly $50m when Madoff’s scam imploded. The investors filed a class-action lawsuit and the company agreed to be part of an $80m settlement.

Read more: http://www.independent.co.uk/news/world/americas/bernie-madoff-victim-charles-murphy-hedge-fund-executive-ponzi-scheme-jump-sofitel-new-york-hotel-a7654216.html

[mikeysnot]

1. Madoff went to jail for ripping off rich people

now if he just scammed poor people in the mortgage scam he would be living free as a bird.

[heaven05]

2. that is so true

about poor and working class people getting scammed. Just think real estate bubble bursting and NO ONE of importance went to jail or prison and they made billions off people, many who lost homes in their scam but you just can't scam the rich people...they get pissed they order their dogs to attack...and attack they will with the full force of the law that money can buy....true oligarchy.

[IronLionZion]

6. Obama created a new agency to protect poor and average people from financial scams

the Consumer Financial Protection Bureau.

Any guesses as to how hard they are getting Trumped?

Dolt 45's opposition to regulations to help create jobs, is really rolling back regulation of predatory lending and mortgage scams.

[whistler162]

13. Like the Carpenters Union

http://www.syracuse.com/news/index.ssf/2009/03/thanks_to_bernard_madoff_there.html

[Yo_Mama]

14. If they can prove fraud, they do prosecute mortgage scams.

It's more a matter of stupidity versus chicanery, and proof thereof. There are a million ways to lose money, and sadly many of them involve rich/financially astute people who have deluded themselves.

[kimbutgar]

3. I was cleaning out a cabinet recently and came across an old traders magazine from 2001

That had Mark madoff's picture on it honoring the late president of the secrurty traders of New York ( STany) who died on 9/11 while working at Cantor Fitzgerald. Anyway I was shocked to realize I had met Mark at the San Francisco Traders convention in 2000 and I had a picture of him and myself in another magazine I had saved. I sat next to him at a dinner and he was a nice guy.
Another victim of greed.

[Bengus81]

4. Madoff went to jail because he turned HIMSELF in........

The SEC was warned for 10-15 years before that he couldn't possibly be getting the returns he was claiming. They looked the other way,he had a son in law or son who was the head of NASDAQ.

[Yo_Mama]

15. Madoff's two sons turned him in. One may believe or not that they never knew, but

if they didn't know, they sure were slow to react in 2008.

I think Madoff told his sons in order to get them out of the limelight.

[bucolic_frolic]

5. Skyscraper's the Lover's Leap for Unrealized Greed

Too bad, the plunge is a drastic step

[Sunlei]

7. MASH song always goes through my head when people suicide.

Suicide Is Painless

Through early morning fog I see
Visions of the things to be
The pains that are withheld for me
I realize and I can see

That suicide is painless
It brings on many changes
I can take or leave it if I please
That game of life is hard to play

I'm gonna lose it anyway
The losing card of some delay
So this is all I have to say
That suicide is painless

It brings on many changes
I can take or leave it if I please
The sword of time will pierce our skin
It doesn't hurt when it begins

But as it works its way on in
The pain grows stronger, watch it burn
That suicide is painless
It brings on many changes

[yardwork]

10. Suicide is not painless for the people left behind.

It causes pain and suffering that lasts for generations.

[Sunlei]

12. I agree, this man leaves behind four children. 4th? suicide connected to this Madoff issue

[yardwork]

16. It's really sad.

[AtheistCrusader]

18. Not to mention the cleanup crew in this case.

[yardwork]

20. Good point. A lot of people traumatized.

[Posting Anonymously]

8. Sure Sign of Depravity

He must have really loved money.

Can you imagine being so in love with money that you're willing to even kill yourself cause you can't get enough of it?

These people on Wall Street are the scum of the Earth masquerading as "human beings".

I don't think there is language strong enough to condemn all of them.

[TexasBushwhacker]

22. I'm no fan of Wall Street big wigs but that sounds a bit harsh

See my post #17 for another article with more info.

He lost his job at his former hedge fund after the Madoff fiasco. The hedge fund he was working with currently, Paulson & Co, had a very bad year in 2016 and executives received small bonuses or none at all.

He purchased his townhome for $33Million before Madoff and immediately tried to sell it. No buyers. It's been listed for the last year and still no buyers. It has mortgages of approximately $12Million that are known, so he had payments of at least $50 to $100K per month (or more).

The family was having a hard time paying their bills. His wife had a crash in her Honda Odyssey and couldn't afford to get it fixed.

He was being treated for depression. One thing that they warn you about with antidepressants is that sometimes when people start to feel better, they feel just better enough to plan and carry out suicide. He recently added his wife's name to the deed of the townhouse. He probably had a fat life insurance policy that didn't exclude suicide. He had 5 kids, the youngest being only 2 1/2. He probably thought he was worth more to them dead than alive.

[Tanuki]

9. Wouldn't you know there would be a Koch brothers angle to this story!

http://www.independent.co.uk/news/world/americas/bernie-madoff-victim-charles-murphy-hedge-fund-executive-ponzi-scheme-jump-sofitel-new-york-hotel-a7654216.html

"Murphy's hedge fund, Fairfield Greenwich, was Bernard L. Madoff's biggest feeder fund and lost $7billion of clients' money. The disgraced financier is seen leaving federal court in New York in 2009
........

On the day Madoff was taken into federal custody in 2008, he was working with Fairfield to set up a new fund.

The Koch brothers, Charles and David, moved $2billion overseas that they managed to make from Madoff before his scheme collapsed.

Most of that involved transfers from funds that were operated by Fairfield Greenwich Group.

After Madoff's arrest, the town of Fairfield, Connecticut, lost a reported $42million of its pension plan for police, fire fighters and local government employees on Madoff investments.

[louis-t]

11. Suicide is a permanent solution

to a temporary problem.

And Bernie Madoff WISHES he were as big a con man as dumpy.

[Skittles]

19. nonsense

many problems are NOT TEMPORARY

[TexasBushwhacker]

17. Some more details here

He's had his townhouse listed to sell for over a year. His wife had a wreck in her Honda Odyssey last summer and couldn't afford to have it fixed.

http://www.dailymail.co.uk/news/article-4355186/Man-commits-suicide-jumping-Sofitel-hotel.html

[Judi Lynn]

21. Interesting info. Thanks for the link. n/t