EveryJoe » Ruth Madoff

Government Seizes Madoff Penthouse

Mark Ellis — Sat, 04 Jul 2009 02:15:33 +0000

The man responsible for the largest Ponzi scheme in American history has lost his Manhattan penthouse apartment to federal marshals. Bernard Madoff’s $7 million property, from which his wife was evicted without even being able to take any of her possessions, will be sold and the proceeds will go toward the victims of Madoff’s billion-dollar scheme.

According to reports, Mrs. Madoff begged marshals to allow her to take her fur coat, but in the end, all she could take with her was a straw bag and the clothes on her back. She maintains that she is innocent until proven guilty and agreed to give up over $80 million and keep just $2.5 million of her own money as part of her husband’s sentencing.

Madoff will also be losing his properties in Palm Beach, Florida, and Montauk, New York as part of his prosecution. He will also lose two other floors that he owned in the same building as his penthouse for a total of almost 60,000 square feet worth of space. The building’s leasing agent continues to market the space vigorously.

Image: Flickr

Post from: EveryJoe

Government Seizes Madoff Penthouse

Bernard Madoff Sentenced: 150 Years

Stephen Kersey — Tue, 30 Jun 2009 03:59:28 +0000

On Monday, Bernard Madoff begged for a light sentence. He told the federal judge that he didn’t deserve the max sentence. When it was all said and done, Madoff received that max sentence of 150 years in prison.

For Madoff, who is 71 years old, the 150 years in prison is a life sentence. When the judge was sentencing Madoff, he called Madoff’s crimes “extraordinarily evil”.

Madoff was charged in a multi-billion dollar ponzi scheme that destroyed the lives of many people. Some of his victims lost their life savings, others lost all of their retirement money and some of his victims even committed suicide.

Even Madoff’s wife was disgusted by his actions. In a press release, she explained her dismay.

Said Ruth Madoff: “I am embarrassed and ashamed. Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years.”

Madoff is headed to prison (Image: Flickr)

Post from: EveryJoe

Bernard Madoff Sentenced: 150 Years

Mrs. Madoff Gives up $80 Million

Mark Ellis — Sun, 28 Jun 2009 03:02:32 +0000

In a move that might inspire empathy out of the American public if it was anyone other than the wife of the man who orchestrated the biggest Ponzi scheme in history, Ruth Madoff has decided to give up a claim of $80 million in assets. This leaves Madoff with $2.5 million, much less than she would have gotten if she pursued the claim.

This settlement came late yesterday after U.S. District Judge Denny Chin, who is also responsible for sentencing Bernard Madoff in court on Monday, approved of the decision. Ruth Madoff will not be present for the sentencing but she does have the option of making a statement after all is said and done.

The courts have already decided how much Madoff will have to pay, a whopping sum of $170 billion. This amount does not actually mean that the courts expect Madoff to cough up that much money; rather, it gives prosecutors the right to snatch up any assets that Madoff has left in order to create a restitution fund.

Image: Flickr

Post from: EveryJoe

Mrs. Madoff Gives up $80 Million