Where's the Money, Bernie?

(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. More»

Bankruptcy trustee says fraudster's wife received more than she'll admit to

(NEWSER) - The trustee in the Bernie Madoff case sued the swindler's wife today to demand the return of $44 million to bilked investors, Newsday reports. The complaint doesn't allege criminal activity by Ruth Madoff but says she directly received funds from her husband’s multi-billion-dollar Ponzi scheme. Ruth Madoff gave up all but $2.5 million of her assets in a forfeiture deal last month, but she's not protected from lawsuits. More»

(NEWSER) - A high-flying New York lawyer who orchestrated a Ponzi scheme to fund his lavish lifestyle has been sentenced to 20 years in jail, the New York Times reports. Marc Dreier pleaded guilty to charges including conspiracy and securities fraud relating to the scam, which bilked hedge funds and other investors of some $400 million. Prosecutors had asked for a sentence of 145 years, just 5 years short of the 150 years Bernard Madoff was slapped with. More»

She 'left voluntarily': lawyer

(NEWSER) - US Marshals seized Ruth Madoff’s $7 million Manhattan penthouse today after she made a deal to give it up last week, the New York Post reports. Madoff “left voluntarily and in an orderly manner to which all sides agreed,” said her lawyer. “We’re not here to load up (the apartment’s contents) today,” said one marshal. “We are here to officially seize the property.” More»

With $125K to spend yearly, time to trade in the pair of Mercedes

(NEWSER) - With just $2.5 million at her disposal as her husband heads to jail, Ruth Madoff won't exactly be sentenced to penury, but she'll have to cut her annual expenses to the low six figures if she wants it to last her lifetime, reports Brett Arends of the Wall Street Journal. She should start by trading the two Mercedes in for a SmartCar, and finding a $3,500-a-month rental apartment—modest by Manhattan standards. Or, better, she could move to Florida—farther inland than the Palm Beach spread she's lost—where her dollars will go farther. More»