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Close Topic OptionsRuth Madoff - Madoff's Ponzi Wife
Ruth Madoff Madoff' S Ponzi Wife - Politics, Business, Civil, History - Posted: 29th Jun, 2009 - 3:38pm
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Ruth Madoff - Madoff's Ponzi Wife
I wanted to start a new message about Madoff's wife and posibly his sons. I'm thinking Madoff's wife should be right there with him in jail too rather than secured in a pent house. She did all the labour oon his accounts so its obvious she knew what was going down. I'm not sure about the sons. Whos is with m about her going to prison?
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Yeah she's guilty. She was the front person for her husband, she practically took the money and did the accounts for it. Lock her donkey up!
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If think if they freeze all her assets (houses and money to be used to pay back the investors), revolk her passport and things will get interesting. She likely will end up moving in with one of the sons. Then arrest her and then release her under house arrest. Collapse the legit part of Bernnie's business by somehow tying it to the hedge fund and use it to pay the investors and thus tossing the boys out of work. Leak info about heavily investigating the boys and work become harder to find and it likely wont pay as much to keep them in Manhattan. Go back to mom and see if she can find X dollars or blueprint where the money went in exchange for leaving the boys alone and working a plea that might let her not spend the rest of her life in jail.
I was thinking we might be in for a long wait if they just take her money and the properties. The kids make enough to support mom in a decent lifestyle, just not too good. We would really have to know what type of person she is to know if she could live a lesser lifestyle knowing that she could get to millions, but the risk wasnt worth it.
Since it was a Ponzi Scheme, the people that did get paid got their money plus the ficticious profits. I am not sure how many cashed out, but it does seem (at least the initial story) that one investor was turned away from cashing out before the arrest. The story said that Madoff told his sons that he wanted to pay bonuses (I think there is a link to the legit company and the hedge fund), so he couldnt pay off the hedge fund investor and he spilled the beans (according to the story). The 50 billion USD figure includes ficticious profits. The number is now believed to be much less than that. The government has froze asset that total nearly 1 billion. Honestly, if the 50 billion is a inflated number (through false profit reporting), then the one billion could easily be all that is left. I just hope that they get what money is available to the investors back into their hands as soon as possible.
Sure, arrest her, but I am more keen on finding all the money that is stashed if there is any.
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Ruth Madoff - Madoff's Ponzi Wife
Looks like stage one is about complete. They are "officially" going to freeze her assets. Next they are going to get her passport! They dont want her leaving. It seems she did a little money movement just befofe Bernnie turned himself in...
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| RUTH IN CROSSHAIR$ FEDS' FEVERED BID TO FREEZE MRS. MADOFF'S $93M NYPOST Federal investigators are "working around the clock" to freeze the assets of mega-fraudster Bernie Madoff's wife, fearing she will try to flee the country or stash the nearly $93 million in her name beyond their reach, sources told The Post. The Securities and Exchange Commission is working with federal prosecutors in Manhattan to prepare a filing asking a judge to formally freeze all of Ruth Madoff's assets as soon as possible. "The US attorneys will be in court in the next week or so to tell a judge that they believe Mrs. Madoff's assets are derived from ill-gotten gains and that they should be frozen for a certain period of time while the investigation is ongoing," an SEC source said. The judge will then decide whether there is sufficient reason to believe her assets were legitimately earned or whether they were the proceeds of her husband's $65 billion Ponzi scheme. "You do not need the case to be nailed down, you just need to be able to convince the judge that there is a strong probability that the funds in question came from crime," the source said. Ruth, 67, voluntarily agreed to freeze her assets shortly after her hubby was arrested, but the verbal agreement is not legally binding and investigators want to make sure she doesn't try to squirrel anything away now that Bernie has pleaded guilty. Sources close to Ruth said she and her lawyers expect the filing to be imminent. Law-enforcement sources also told The Post that the asset freeze would be just the first step in a one-two punch against her as prosecutors work furiously to build a criminal case. After Bernie confessed to the FBI on Dec. 11, prosecutors moved quickly to file a criminal complaint against him while the SEC issued an order to freeze his assets. The sources indicated that Ruth could soon experience something similar. Her lawyer, Peter Chavkin, declined comment yesterday. When Bernie, 70, pleaded guilty last week, he insisted he ran the criminal enterprise alone, and that his wife and other family members had no role or knowledge of the massive scam. He faces up to 150 years in prison. But investigators have focused on two wire transfers made by his wife in the days before his arrest. On Nov. 25, Ruth withdrew $5.5 million from Cohmad Securities, a Massachusetts-based brokerage firm part-owned by her husband, where she has $45 million in municipal bonds in her name. Then on Dec. 10 - the day before Bernie's arrest - she took an additional $10 million from her account, filings show. A filing in federal court on Friday showed that Ruth has $92.6 million in assets listed in her name. Among them are the $7 million Upper East Side penthouse where Bernie was kept under house arrest until he pleaded guilty, an $11 million mansion in Palm Beach, Fla., the bonds and $17 million in cash. An additional $8.8 million worth of yachts and $2.6 million worth of jewelry are also listed in her name. |
Of course in this market, those assets are probably over valued, but you just cannot deny that it seems she got her hands caught in the cookie jar!
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She will be investigated, but I'm pretty sure her husband did well in shielding SOME of the consequences from the prosecution. If memory serves me right it was his sons that convinced him to turn himself in? If not, the sons will be next.
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She gets $2.5 million out of the deal now that her husband is going away for life. She will still be able to live large, but obviously not as large as she used to.
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