So Where Did Madoff's Wife Get $70M?

Lawyers for scammed clients seek source of Ruth's fortune

By Rob Quinn,  Newser Staff

Posted Mar 4, 2009 7:30 AM CST

(Newser) – Lawyers representing some of Bernie Madoff’s victims are stumped by his legal team's claim that $70 million of his wife’s assets have nothing to do with his scam, Reuters reports. So far Ruth Madoff—who hasn't been charged with a crime—hasn't had to detail the source of her millions. She had no official role in her husband's business and is known more for co-authoring a cookbook (which was far from a bestseller) than for Wall Street wizardry.

"What did she do to earn that money? I'm wondering what her explanation will be," said a partner at a firm representing some of Madoff's former clients. Another attorney called it "absurd" to suggest that the Madoffs "will be able to protect tens of millions of dollars taken from the many people they have left penniless,"

A home belonging to disgraced investment guru Bernard Madoff and his wife, Ruth Bernard Madoff, in Palm Beach, Fla.   (AP Photo/Jon Way)
The Manhattan apartment building on New York City's Upper East Side where Bernard and Ruth Madoff live.   (AP Photo/Brian McDermott)
Bernard Madoff arrives at Federal Court in New York earlier this year.   (AP Photo/Stuart Ramson)
« Prev« Prev | Next »Next » Slideshow

It is absurd to suggest that the Madoffs will be able to protect tens of millions of dollars taken from the many people who they have left penniless.
- Brad Friedman, a partner at law firm Milberg LLP, which represents Madoff customers

« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!