Bernie Madoff's wife, Ruth, and son, Andrew, talk to TODAY's Matt Lauer about the Ponzi scheme that destroyed their family and stole the dreams of thousands investors, maintaining they bought "the legend of Bernie Madoff" and never suspected that his billion-dollar financial firm was based on a scam.
By Martha C. White
Bernie Madoff's surviving son Andrew insisted Monday that he was unaware that his father's successful investment business was really a $65 billion Ponzi scheme and said of Bernie, "I'll never forgive him."
Appearing on the TODAY Show to promote a new book, "Truth and Consequences," Andrew Madoff?told TODAY anchor Matt Lauer he's cut off contact with his infamous father since turning him into authorities, and has no interest in hearing his side of the story.
"There's no way to explain what he did, the damage he has caused," he told Lauer. "What possible explanation could there be?"
These harsh words could have been just as easily spoken by Madoff's numerous victims. It remains to be seen if they'll extend to Andrew that same chance to explain himself.
"I'm not hearing sincerity and remorse in there," Andrew said of the letters he's received from his 73-year-old father, who is serving a 150-year prison sentence for the largest Ponzi scheme in U.S. history. "I try to find it in my heart to forgive him but I?m not there yet,?
Neither Andrew nor his brother Mark, who committed suicide two years after the Ponzi scheme was revealed, were ever charged in connection with their father's crimes.
Ruth Madoff, who accompanied her son on the show, told Lauer, "I sort of knew he invested money for people." She said she knew or suspected nothing more, despite having an office in her husband's business.
Lauer pressed Andrew on this point, saying Bernie's secretiveness about his investing should have been a "red flag" for his son. Andrew said he grew up hearing his father referred to as a "legend" in the investing community, and had no reason to be suspicious that his privileged childhood and affluent lifestyle were funded with other people's money.
Andrew used the word "horrible" multiple times in describing the family's ordeal after the fraud came to light. Ruth spoke of her shame and of being the target for victims' anger.
"From the beginning we have not really been able to speak," Andrew told Lauer. "We were so villified by the tabloids."
Andrew and Ruth both said they felt sorry for the victims, some of whom were close friends. "I completely understand the way people feel," Andrew said.
Related story:
Madoff's wife, son deny knowing about scheme
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