Ruth Madoff to Bare All Expenditures Over $100

By Rob Quinn,  Newser Staff
Posted Aug 4, 2009 6:08 AM CDT
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 earlier this year.    (AP Photo/Mary Altaffer)
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(Newser) – Ruth Madoff won't be able to spend $100 without scrutiny under a deal approved by a bankruptcy judge overseeing the liquidation of her husband's financial firm, the Wall Street Journal reports. Madoff agreed to give a full accounting of her income and any spending over $100 to a court-appointed trustee acting for victims of Bernard Madoff's Ponzi scheme.

The deal came as part of a lawsuit from the trustee seeking $44 million on behalf of the fraudster's victims. Ruth's lawyer has labeled the lawsuit "perplexing and totally unjustified," since she surrendered more than $80 million in assets, keeping $2.5 million. But many victims doubt that all the assets have been accounted for. "Considering the integrity of her husband, I'm sure she's got plenty of money stashed away," one tells the New York Daily News.