Bernard Madoff, the disgraced financier accused of the biggest fraud in corporate history, was accused of having "blood on his hands" after a former British soldier killed himself over the loss of his family’s life savings.

The son of 65-year-old William Foxton said his father was so distraught after losing his family’s entire savings in the alleged Ponzi scheme that he shot himself in a park in Southampton on Tuesday with a handgun.

Madoff, 70, is under house arrest at his Manhattan penthouse and 24-hour surveillance after being arrested on Dec. 11. He was accused of one count of securities fraud after authorities said he admitted to running a scheme over many years with losses of $50 billion.

Willard Foxton, from London, said that his father, a grandfather of two and a former French Foreign legionnaire, was "brought low by the greed of Bernie Madoff."

"I spoke with my father recently and he confided in me that he was in 'an absolute s***fight' with his banks’, as his life savings had been invested in two hedge funds; the Herald USA Fund and Herald Luxembourg Fund," Foxton said.

“He had found out that the offices of these funds had closed and that the money had in fact been invested in the Madoff Hedge funds.

I think it’s disgusting that Bernie Madoff is sitting in his New York property, thinking that all he did was steal money when, in fact, what he was really doing was ruining lives," Willard Foxton said.

Click here for more on this story from the Times of London.

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Click here to read the case against Bernie Madoff. (pdf)