Follow Newser on Twitter   Friend Newser on Facebook
Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Madoff's Wife to Give Up $80M; Bernie Hit for $170B

By Neal Colgrass,  Newser Staff

Posted Jun 26, 2009 9:11 PM CDT
Email

(Newser) – Ruth Madoff struck a deal with federal prosecutors today to forfeit nearly $80 million in assets and retain only $2.5 million in cash, the Wall Street Journal reports. The wife of swindler Bernard Madoff reached the agreement with the US attorney's office in Manhattan. Meanwhile, a US judge entered an order of forfeiture against the Ponzi schemer for more than $170 billion.

The order empowers prosecutors to go after Bernie's real estate, vehicles, and investments, although they likely won't recover the whole amount. Documents released today showed that Ruth agreed to give up boats and vehicles as well as properties in Manhattan, Montauk,and Palm Beach, Fla. The deal may allow her to move on after months of being shunned at Manhattan establishments and crucified in the tabloids.


Ruth Madoff is escorted by private security as she leaves the Metropolitan Correctional Center after visiting her husband disgraced financier Bernard Madoff, in New York on Monday, April 6, 2009.
Ruth Madoff is escorted by private security as she leaves the Metropolitan Correctional Center after visiting her husband disgraced financier Bernard Madoff, in New York on Monday, April 6, 2009.   (AP Photo/Mary Altaffer)
The building where a $7 million penthouse listed in Ruth Madoff's name and bought in 1984 is shown Tuesday, March 17, 2009 in New York.
The building where a $7 million penthouse listed in Ruth Madoff's name and bought in 1984 is shown Tuesday, March 17, 2009 in New York.   (AP Photo/Mary Altaffer)
In this March 17, 2009 file photo, the three million dollar ocean front home jointly owned by Bernard Madoff and his wife, Ruth, is seen in Montauk, N.Y.
In this March 17, 2009 file photo, the three million dollar ocean front home jointly owned by Bernard Madoff and his wife, Ruth, is seen in Montauk, N.Y.   (AP Photo/John Dunn, File)
Ruth Madoff is escorted by private security as she leaves the Metropolitan Correctional Center after visiting her husband disgraced financier Bernard Madoff, Monday, April 6, 2009 in New York.
Ruth Madoff is escorted by private security as she leaves the Metropolitan Correctional Center after visiting her husband disgraced financier Bernard Madoff, Monday, April 6, 2009 in New York.   (AP Photo/Mary Altaffer)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Showing 3 of 9 comments
Mjoh3
Jun 27, 2009 8:16 AM CDT
Sure, all those people getting 10 -15 % a month, doubling their money every 4- 10 months, thought they were involved in a honest, safe investment. Every scam relies on the greed of the mark. The people taken were just as greedy as Madoff.
oldgoat
Jun 27, 2009 6:02 AM CDT
The victims do share part of the blame, but that doesn't excuse Madoff. Actually they claim that she was involved in the business and were very close so I have no doubt that she was aware at a min that there was something fishy going on. Once these scammers actually have to lose everything like their victims did maybe there will a less of a rush to screw people.
Mjoh3
Jun 27, 2009 5:45 AM CDT
I doubt she knew what he was doing. People don't get away with scams for as long as he did by letting people in on it. Also, do we know what assets she personally had? For all we know her parents left her $5 million. Let's also be honest. The Madoff victims share some of the blame. They had to know that it was impossible to safely get 10-15 % a month when T bills were paying 3-5 % a year.

 
Ponzi scheme • asset forfeiture • Bernard Madoff • Ruth Madoff

More Newser Stories

Obama, Others Won't Return Ponzi Cash

Prosecutors: Alleged Ponzi Schemer Stanford Faking Amnesia

SEC Not Firing Anyone for Missing Madoff's Scheme

MF Global Hid Debt From Investors

Ruth Madoff to Bernie: 'What's a Ponzi Scheme?'
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne