Andrew Madoff
Andrew Madoff denied knowing his father was operating a huge Ponzi scheme Getty

Andrew Madoff, the last surviving son of convicted Ponzi schemer Bernard Madoff, has died from cancer at the age of 48.

The former trader denied knowing about his father's corrupt business that is thought to have cost thousands of investors $17bn (£10.3bn) in losses.

He and brother Mark eventually turned their father Bernard into American authorites at the height of the financial crisis in 2008 after he came clean to the pair about the scheme but the siblings were never charged.

Madoff was first diagnosed with the rare mantle cell lymphoma form of cancer in 2003 but went into remission. However, the disease returned in October 2012.

"Andrew Madoff has lost his courageous battle against mantle cell lymphoma," lawyer Martin Flumenbaum said in a statement.

"He died peacefully at Memorial Sloan Kettering Cancer Center on September 3, 2014, surrounded by his loving family."

Madoff's death is the latest to tragedy to strike the family after guilt-racked eldest son Mark committed suicide in 2010, two years after father Bernard was jailed for 150 years for running a $65bn (£39.5bn) Ponzi scheme.

Although the brothers never faced charges, recent reports claimed authorites were still shining a light into their roles at Bernard L Madoff Investment Securities.

But, despite the cloud over his head, Madoff denied accusations and blamed his father for destroying their family.

"Even on my deathbed I will never forgive him for what he did," he told People magazine.