A former hedge fund executive, whose firm invested $7 billion in the Ponzi scheme managed by Bernard Madoff, jumped to his death from a Manhattan high-rise hotel, according to New York police.
Charles Murphy’s body was discovered on a terrace on the fourth floor of the Sofitel hotel. Murphy previously worked for Fairfield Greenwich, a hedge fund firm that invested with Bernard L. Madoff Investment Securities. airfield Greenwich was subsequently sued by investors who lost their savings after the collapse. The fund ultimately agreed to settle for $80 million.
In December 2008, Mr. Madoff was arrested and charged with leading a historic Ponzi scheme, defrauding investors of over $20 billion. Mr. Madoff, 78, pleaded guilty to the fraud charges and is serving a prison term of 150 years at the Federal Correctional Complex (FCC) in Butner, NC.
Madoff’s son, Mark, committed suicide by hanging himself on the second anniversary of Bernard Madoff’s arrest.
“I was responsible for my son Mark’s death, and that’s very, very difficult,” Madoff explained to CNNMoney. “I live with that.”
Shortly after Madoff’s arrest, Philippe Junot, a French businessman whose firm lost $1.4 billion in the Ponzi scheme, killed himself in Manhattan on December 23, 2008.