NEW YORK, June 28, 2009
Report: Ruth Madoff Agrees To Forfeit $80M
Under Gov't Order Swindler's Wife Will Drop Claims To Real Estate, Jewelry And Cash, Is Allowed To Keep $2.5M
-
Ruth Madoff, seen earlier this year outside of the Metropolitan Correctional Center in Lower Manhattan, is reportedly agreeing to forego claims to more than $80 million worth of real estate, property and other assets in the government's claims against her husband, convicted swindler Bernard Madoff. But she still gets to walk away with $2.5 million in cash. (CBS)
-
Photo Essay Bernard Madoff Disgraced financier charged with perpetrating massive fraud.
-
Photo Essay Madoff's Victims A look at some of Bernard Madoff's famous clients.
Under a preliminary court order issued Friday, the Madoffs are to forfeit interests in $171 billion in assets, including properties belonging to them, including homes in Manhattan, Montauk, N.Y., and Palm Beach, Fla., worth a total of nearly $22 million.
The judge's order authorized the U.S. Marshals Service to sell the properties, along with certain cars and boats.
The Madoffs must also forfeit all insured or salable personal property contained in the homes.
Other seized assets include accounts at Cohmad Securities Corp., valued at almost $50 million, and at Wachovia Bank, valued at just over $13 million, and tens of millions of dollars in loans extended by Madoff to family, employees and friends.
Prosecutors said, under the arrangement, the government obtained Ruth Madoff's interest in all property, including more than $80 million worth of real estate, jewelry and cash assets that she had claimed was hers.
The order left her $2.5 million in assets, which the Order stated will be tendered to her once she vacates the real property and surrenders all personal property.
Ruth Madoff was not charged in the case against her husband. She is not expected to be present at frederal court in Manhattan on Monday when Judge Denny Chin announces the sentence against the financier.
© MMIX, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
Michelle Obama tells how her role as the First Lady has changed her perspective.
"moron", and other stuff on here aimed at people who share a comment or
opinion. I like the idea of Madoff having to work and live on minimum wage
the rest of his life. The ACLU would probably get the sentence thrown out.
My second favorite idea would be to send him to Singapore or China, with a
request to "rehabilitate" him. That would be a hoot. I'm sure that they
could come up with a creative consequence.
The South Carolina Governor is now the newest in line unable to understand that he was morally, ethically and most likely illegal in his 8 year affair with a Argentine tripe. How many South Carolina tax dollars were spent for flights, hotels, entertainment, fuel, flowers, clothes, jewelry and staff over 8 years to hide and promote his side line love affair. The govenor and the party elite want to hang on to the seat just like the judge in the Mrs. Madoff case wants to ignore her guilt.
Because her gender is female.
Put the shoe on the other foot of gender ''equality''.
If Ruth was the Ponzi scheme perpetrator,
and Bernard was the ''oblivious'' spouse along for the ride,
he would not get one - red - cent.
"Would you like fries with that?"
She probably has someone wipe her arse because doing it herself is below her.
Let me see, I rob a bank and get to keep $2.5 million. This $2.5 million is in ADDITION to the jewels she was mailing out earlier as the story was breaking.
Would I get away with that? She gets to keep ONLY $2.5 million? I would bet every reader here would love to have ONLY $2.5 million as a nest egg. Who says that crime does not pay? Why have the prosecutors allowed this injustice to happen?
She should forfeit everything and get a job just like the rest of the working class she and her husband ripped off. This is where the problem comes in: people like her with silver spoons in their mouths do not have the skill sets necessary to survive in the real world. They are only good at manipulating and changing money that OTHERS have earned. These people are parasites on the system that place themselves in close proximity to productive earner's savings, and then find ways to skim off larger and larger amounts for themselves either in [legal, but immoral] bonuses, or through fraud as in this case.
It would be very interesting to see what hourly wage her skill sets would bring on the "free market" if she were forced to work for a living.
Let me see, I rob a bank and get to keep $2.5 million. This $2.5 million is in ADDITION to the jewels she was mailing out earlier as the story was breaking.
Would I get away with that? She gets to keep ONLY $2.5 million? I would bet every reader here would love to have ONLY $2.5 million as a nest egg. Who says that crime does not pay? Why have the prosecutors allowed this injustice to happen?
She should forfeit everything and get a job just like the rest of the working class she and her husband ripped off. This is where the problem comes in: people like her with silver spoons in their mouths do not have the skill sets necessary to survive in the real world. They are only good at manipulating and changing money that OTHERS have earned. These people are parasites on the system that place themselves in close proximity to productive earner's savings, and then find ways to skim off larger and larger amounts for themselves either in [legal, but immoral] bonuses, or through fraud as in this case.
It would be very interesting to see what hourly wage her skill sets would bring on the "free market" if she were forced to work for a living.
- by glenaw-2009 June 28, 2009 12:24 PM EDT
- Why does she get to keep 2.5 million while others have lost everything?
- Reply to this comment
See all 15 Comments