With no illusions that he could once again get work in the securities industry, Mark Madoff worked hard these past 2 years "to maintain the network of relationships he had in the industry."  He also began launched the "Sonar Report" - a subscription-based newsletter that he operated on his own. 

Each business day, he'd would wake at 4 am, search the Internet for real-estate related news and compile the newsletter himself, according to a close friend.  At first, he sent the newsletter free to attract a following.  After about 6 months, he began asking $20 a month.  An introductory note to new subscribers said the Sonar Report was produced by "a new firm" that was "looking to expand our subscriber base."

It's unclear how many subscribers Mr. Madoff had attracted;  there were about 1,000 people on his mailing list.  [C-I Note:  Take it from someone who knows, many if not most were non-paying.] 

A lawyer who advised Mr. Madoff on copyright issues said the focus of his conversations with Mark was always on the long-term viability of the venture.  Mr. Madoff was hopeful that the business model was “scalable” and newsletters could be developed for other industries that weren’t widely covered. 

Sonar Report has not appeared since Friday, 12/10. 

To view an undated issue of the Sonar Report, click onto:   ["Sonar Report," on Scribd]