Jeremy Friehling, the 23-year-old son of Bernard Madoff’s former auditor, David Friehling, has died of an apparently self-inflicted gunshot wound.
The younger Friehling was attending medical school at Ohio State University. Police found his body last Thursday inside his apartment in Columbus, Ohio, after his friends contacted them after some of his Facebook postings aroused concerns about his wellbeing. He was a valedictorian in his high school in New City, N.Y., and was active in sports, according to the Journal News. He graduated from Duke University.
His father, David Friehling, was a partner in the New City, N.Y., accounting firm Friehling & Horowitz, which was the long-time auditing firm for Bernard L. Madoff Investment Securities. Friehling issued yearly audit opinions on Madoff’s investment firm from 1991 to 2008, but admitted that he never conducted any audit or examination of the now-imprisoned Ponzi schemer’s financial statements. The elder Friehling pleaded guilty in November 2009 to charges of securities fraud, investment adviser fraud and obstructing tax law administration. However, he assisted prosecutors and was able to avoid a prison sentence, although he forfeited $3 million from his work for Madoff.
Madoff’s son Mark also committed suicide, hanging himself inside his apartment at the age of 46.
3 Comments
I teach 100+ fraud/auditing/ethics classes every year. This is exactly what Accounting Today should report. Why? Because Most people will put themselves at risk but they won't put their families at risk. So one of the best ways to drive ethical behavior to deter fraud is to remind CPAs and business people what will happen to their families if they do something wrong and go to jail. For example, Koss Corp is a small $40 million company in Milwaukee. Sue Sachdeva stole $34 million the last 5 years she was the completely trusted finance officer. I posted a video. Go to YouTube.com and search for "Koss VP Finance Steals $34 Million". Near the end watch how she says she's lost every thing. Her children, her family, her life.
I have 100+ fraud videos on www.TheProsAndTheCons.com. 30 seconds to 45 minutes. Private and public companies, nonprofits and gov't entities. All free. Use them to demonstrate to students and clients and management what happens if they don't fix controls.
Posted by: Gary Z | November 20, 2012 5:31 PM
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I have to agree with the comment above. I have no idea why this type of news would be posted on this site. I don't come here to read tabloid news.
Posted by: mjustesen | November 20, 2012 11:00 AM
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How in the heck is this in anyway relevant to the readers of this publication. The father's criminal negligence was, but this is a personal tragedy that has no business being reported on by this Accounting Today. My opinion of this publication just took a hit. You owe this young man's family an apology for intruding on their privacy at such a time of personal tragedy.
Posted by: Michael H | November 20, 2012 9:34 AM
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