A Ponzi schemer's depressing suicide note
In spite of all the pain they’ve caused, the great Ponzi schemers of the past few years have also become sort of cultural punch lines.
Yes, Bernie Madoff, for example, will never be able to repay his victims. But the 72-year-old Ponzi king has at least lost any shred of dignity he – or anyone with his last name – will ever have. There are even joke sites dedicated solely to the notorious swindler (“Q: Why should Bernie Madoff learn about insider trading? A: Because he’ll learn soon enough after he goes to jail!”).
But any light-hearted jabs at pyramid scammers may take a hit going forward after the depressing suicide note of one U.S. money crook has come to light.
Indeed, a new feature in the Minneapolis Star Tribune has highlighted the grim note left by Robert Markham, a 58-year-old money manager who shot himself to death earlier this year.
“I owe millions of dollars, and have nothing but my life insurance with which to pay it back,” read an excerpt of the 14-page note obtained by the newspaper.
“For decades I’ve felt trapped, like, someone who has had a stroke who can think on the inside, but cannot communicate on the outside … I feel like I have disappeared long ago … So here is the story. My secret life of terrible crime.”
Markham, who oversaw some $700 million in assets from his off-Wall Street financial firm, Markham Capital, goes on in despondent detail about how his perennial guilt from the scam left him willing to take his own life, leaving behind a wife and two grown daughters.
The disgraced money manager, as we imagine most would, goes on to say how his scheme originally started with fair intentions – yet soon his promises of wealth left him no choice but to skirt the law to repay investors.
“By this time,” he writes, “the monthly obligations to make payments to … investors far exceeded what I was able to earn from Markham Capital. All of these people thought they were so fortunate to get a 10 percent return with no risk.
“Even when my returns were the best in the country, I felt I was just a fraud.”
On Feb. 19 of this year, Markham’s wife dropped him off at his Minnesota office, the Star Tribute reports, briefcase and cup of coffee in hand. Later, in the building’s private gym, he shot himself. According to the newspaper, Markham left behind four books on suicide grieving.
Emilee Markham, Robert’s widow, has said she will use her husband’s life insurance benefits to repay investors who lost cash at Markham Capital.
By Jason Buckland, MSN Money
Posted by: T Otter | Oct 29, 2021 9:43:56 AM
I meant to post a comment here, but now find myself confused as to what to say, so condolences to Roberts family.
Posted by: reprise | Oct 29, 2021 10:19:04 AM
yep, let's all feel bad for a person who felt guilty while doing the ponzi for decades. in fact, he felt so gosh golly guilty that he continued to bilk his clients....for decades.....I do not mean to make light of the tragedy this guy's family has had to endure but does anyone else recognize that rather than face the piper, he chose to escape like a coward, leaving his family behind to ultimately face the shame and responsibility of his life's decisions??
Posted by: dyna cancer | Oct 29, 2021 10:58:01 AM
most of his clients were prolly greedy naive people anyway so i dont really feel sorry for them getting bilked. And robert markham just saved the courts lots of time and money, although he wasnt taking resposability for his actions, he took the easy way out. i feel for his wife and daughters.
Posted by: mockone | Oct 29, 2021 10:59:48 AM
once again, lets feel soooo sorry and terrible for the criminal. He must of had a bad childhood or something in his past that made him steal all those peoples lifes savings. Lets worry about this low life bottom feeder and his wife and two grown daughter. Never in the story did it mention one person he swindled.
Posted by: Alana LaPerle | Oct 29, 2021 11:29:14 AM
This is exactly why Jesus said, "the truth will set you free" (Jn 8:32). When we follow the path of sin (greed, dishonesty, etc.) it entraps us and steals our human dignity. I pray that others will learn this simple truth before more families suffer the tragedies of financial loss and suicide.
Posted by: Mick O'Keeffe | Oct 29, 2021 11:36:18 AM
Everyone who made money out of or helped cause the financial meltdown should be taken outside
and shot. No need for anyone to sommit suicide.
Posted by: Anonymous | Oct 29, 2021 11:36:36 AM
He must have had quite the insurance coverage. Most companies will void your policy if it's proven you took your own life. Too bad he had to leave a family behind.
Posted by: chris straub | Oct 29, 2021 2:54:34 PM
why is every1 feeling sorry for this guys family....after decades of stealing from people....his family enjoyed the lifestyle his stealing ways brought them....im willing to bet his children grew up spoiled...and never knowing what its like to want or need anything....and his wife probally was like one of thoose housewifes you see on tv....
yes i feel sorry for there loss....loosing a family member must and is really hard to deal with.....
but every1 knows a life insurance is cancelled if there found dead from a selfinflicted gun shot...i.e suicide...
and if the wife is willing so easily to give that money away...you knowthey had moneys hidden that others dont know about....
again i feel sorry for there loss...but really people should be more worried about the others that had there life saving takin away from a THEIF...that they were supposed to trust....
so rember they might have suffered a loss of a lost one...but they INJOYED THE LIFE OF LUXARY for many decades...
and rember he commited suicide...from fear of getting his ass raped from prison inmates...rather then grom a guilty mind....cause if he was concerned about the people he STOLE from for DECADES...he would have stoped after the first theft...rather then continuing till he got caught...
feel sorry for his victims...not his family...cause there still living off his victims monies....
maybe his family should have everythung stolen from them...and have to live poor like most of his victims r doing now
Posted by: Me Anonymous | Oct 29, 2021 3:09:43 PM
chris straub, and the others should read the following link before making judgements. Yes he was a thief and yes he should of went to jail but man are you people just so cold and ignorant.
http://www.startribune.com/templates/Print_This_Story?sid=105556728
Posted by: Rick | Oct 29, 2021 3:10:10 PM
Just a note. I have an insurance policy which must be in effect for 12 months before suicide is covered.
Posted by: Huh? | Oct 29, 2021 3:25:38 PM
You can collect life insurance for suicide? That is very hard to believe.
Posted by: Anita | Oct 29, 2021 3:33:12 PM
It's funny how a few people in here are stating not to feel bad for this man. As good human being's, when someone kills themself, no matter if they were a "good" or "bad" person, we feel sympathy because it's natural. For those of you who don't, you obviously have no heart, or are so twisted over some type of your own anger, that you can't even understand a man lost his life. I think the main problem with those people in here is they don't care about life, it's sad to see how today's society has so little love for life and living, just the other day the story about the woman who put her new born baby in a dumpster. Do you all not understand that life is a gift? And you should be lucky to be here, and stop being so angry all the time, it doesn't help anyone. This man was guilty for his actions, but he did not deserve to die, or shoot himself. No one deserves that, and his family, how can you accuse them of knowing? How do YOU KNOW anything about their situation? You people are so cruel and horrible, it really makes me sad to think that the human race is becoming so rude, and angry, and not caring. Show some respect, and learn some manners will you? And in response to "chris straub"'s comment, you truly are a piece of work aren't you? You sicken me, you have no idea what his family knows or knew, and you have NO RIGHT to talk about people like that, if that was you, who had stole all that money from those people, would you want other people disrespecting your family if they didn't know? You really need to shut up and learn to be a good human being, obviously you weren't raised properly. And I'm sorry, but if we're going to go by your opinion, and the way you think, then all of those people are stupid for investing their money with him, no? Those people were probably just as greedy and wanted to earn big bucks without doing anything, that's the problem now-a-days with people, just want to sit on your ass and earn money, well that's not how life works. And those people might have known what they were getting into, but YOU and I will never know. "and rember he commited suicide...from fear of getting his ass raped from prison inmates" You really are a fucked up person, aren't you? You truly are a horrible human being.
Posted by: Mallory | Oct 29, 2021 3:36:26 PM
chris straub- It is entirely possible that this scum bags family had no idea what he was doing behind closed doors, and just accepted that he was making his money in a legal and just way. Why would you assume that the father you trust, or the husband who vowed to protect you was stealing to pay the bills? Especially when he ran oversaw $700 million investment portfolio? I think it's disgusting that you'd assume the worst of the poor family, and comments like yours are what give the American people a bad rep internationally. Don't you think it's possible that the widow is choosing to pay back her husbands debts with the insurance money because that's what his intentions were in death? Or because she feels personally responsible, as she is aware she enjoyed the perks of his dishonesty while his clients will suffer?
To those of you claiming that all insurance policies are void if the insured individual commits suicide: not true. Many policies have a stipulation for suicides but not all. My policy only withholds the death benefit if I commit suicide within two years of the policies start date. Now whos ignorant?
I feel some sympathy for this man, because he was in so far over his head that he had to resort to suicide. But I also dont think that means forgiving what he did. He should never have offered a risk-free guaranteed 10% return! That's complete insanity, and any savvy investor would have recognised the signs of a Ponzi, or at least smelled something fishy. If it sounds to good to be true... it probably is! It's about time the public stops blaming all the countries money problems on everyone else and start looking close to home. If you feel lucky that the bank approved you for that $500,000 mortgage, then you obviously know you can't afford it! Take responsability for your own actions, stop bitching about things you can't change (like the economic downturn), and wise up to people like this goon. Educate yourselves America!!!
This message is coming from a 23 year old woman who HAS made a constant effort to educate herslf. It's really not that hard. If you're reading this you have access to information via the world wide web. Use it!
Posted by: Am | Oct 29, 2021 3:41:23 PM
We also have a life insurance policy that covers suicide. The policy has to have been in place long enough before suicide occurs. We have had our policy for many years. I don't know if it's possible to find such a stipulation in a brand new policy.
Posted by: DW | Oct 29, 2021 3:47:18 PM
chris straub - Life insurance is not void because of a self inflicted gun shot wound so clearly everyone does not know that because you obviously don't. Any standard life insurance policy is only voided if the suicide was committed before 2 years has expired from the signing date. Do some research before you start to make assumptions that aren't entirely true.
Posted by: Destiny Heibert | Oct 29, 2021 3:54:08 PM
I don't agree with you Chris.. i would feel for the family who is trying to do the right thing by giving it back to the people that he stole from. He took the cowards way out leaving people he supposedly loved to take the brunt and responsibility for his actions.
Do you question your spouse every time they bring home a paycheck as to how they earned it? No you trust that they went to work and they did their job. You don't suspect them of stealing from others. So why should this family be any different.
They were hurt just as much by the effect of this mans actions and you can't show any human sympathy for the hurt and humiliation that they may be feeling because of what he did. Do you think it would be easy for them having to deal with what he did and trying to make it right, and having people like you jege and condem them for something they had no control or knowledge of, also having to deal with the loss of a father/husband?
You are assuming they have money no one knows about. Meanwhile the family is probably trying to do the right thing and repay the families that were hurt. And for your last comment, maybe something like this should happen to you so that you can be in their position and see how humbling and humiliating it would be!
Posted by: peter falk | Oct 29, 2021 4:15:55 PM
who cares another dead scumbag
Posted by: LGF | Oct 29, 2021 4:27:15 PM
One less greedy little thief in the world. Too self centred to even consider that now someone has to clean up the bloody mess he made. But lets feel sorry for the guy, I mean after all it's not like he meant to steal anything, and I am sure he didn't mean to rob his wife of a husband or his children of a father. I'm sure this was just one tragic accident that could happen to anyone. Or maybe society is to blame. Or maybe a bully took his lunch money when he was eight and that turned him into a self centred criminal. Or maybe we can just stop feeling sorry for the criminals.
I do feel sorry for his family though, but they have just one person to blame for their loss.
Posted by: M | Oct 29, 2021 4:28:46 PM
I agree with mockone, and you know something Anita, CRIMINALS DO NOT DESERVE SYMPATHY, you can go ahead and try to believe the best in people and say 'It's not their fault' well, it is and you are completely addled in believing that.
Obviously this isn't about his family, it's about his choices that landed him where he did and it's his own fault, no one made him. You can't make a person do anything, only influence their decision.
Suck it up, not everyone sees this butterflys-and-honey you seem to seein even the most disgusting, disgraceful, pitiful excuses for people
Also, people should be allowed the right to die at their own will, if I wanted to kill myself for whatever reason I deem acceptable, I shouldn't have to have people whining about how it will affect others. I accept death for what it is and the fact that nothing happens after it. Everone dies at some point, it's up to your mind or your body or life in general to decide when.
And if you were one of the people who's money was stolen, you sure as hell wouldn't be saying the same thing as you are now!
Posted by: LGF | Oct 29, 2021 4:37:45 PM
Anita
Sorry one thing to add. I do not feel sympathy towards him, that does not mean I am twisted or do not care about life. Quite the opposite actually, I am angry at him for throwing his life away, I am angry at him for what his suicide is putting his family through. He never stole from me so I really don't care that much about that part, although no-one likes a sneaky little thief.
A few years ago my girlfriends father hung himself, so I got to see what that did to her, her two brothers and her mother. So I have some idea what this guy put his family through.