HFN Login and Registration
LOGIN PASSWORD
Need Help? Register here
Skip Navigation Links
Home
About HFN
News
Funds
Investor Tools
Manager Services
Data Services
Research
Service Providers
Conferences
Help
HedgeFund.net: Public news from HedgeNews
Sign Up for the HFN Daily Newsletter         |    Take a Tour of the HFN Website    |    Register      |         Login
Hedgefund.net Register Here
Click below for information on membership options
Premium Access Manager Services Data Services
Asset Flow Report View Front Page  
Share |
  Subscribe

Trustee Goes After Madoff’s Wife For $45M
by Paula Schaap ,Senior Reporter , July 30, 2009

The trustee handling the liquidation of Bernard Madoff’s business believes his wife, Ruth, shouldn’t be allowed to live in luxury while investors who sunk money into his Ponzi scheme were impoverished.

Consequently, Irving Picard, the trustee handling the liquidation of Madoff’s business, is suing Ruth Madoff to get almost $45 million back to investors.

Madoff is in prison, serving a 150-year sentence for a Ponzi scheme that may have involved more than $65 billion in investor money. His wife cut a deal with the U.S. Attorney that allowed her to keep $2.5 million out of the property the Madoffs had amassed over the years, including multiple homes and yachts.

“While Madoff’s crimes have left many investors impoverished and some charities decimated, Mrs. Madoff remains a person of substantial means,” Picard said in his complaint filed in bankruptcy court Wednesday. “The inequity between Mrs. Madoff’s continuing financial advantages and the economic distress of Madoff’s customers compels the Trustee to bring this action.”

The trustee did not allege that Ruth Madoff knew about her husband’s crimes. Yet, he said regardless of whether she knew or not, she received tens of millions of dollars without providing the equivalent to her husband’s business.

Ruth Madoff’s attorney, Peter Chavkin said in a statement that the trustee’s action was “perplexing.”

“Ruth already forfeited to the United States Attorney’s Office almost all of the assets named in this complaint, assets that the U.S. Attorney’s Office has publicly committed to distributing to the victims of Bernard Madoff’s Ponzi scheme,” Chavkin said.

  
Recent Articles 
HFN Spotlight
POLL OF THE WEEK
August 19, 2010

 
 
1 Comments
Post your comments below.
POSTED BY Paula Schaap at 7/30/2009 11:11:11 AM
Add your Comments:
 Name: Required
 Email: Required(will not be published)
All comments will be reviewed for appropriateness, length and lucidity.
 
 

Disclaimer: An affiliated broker-dealer of HedgeFund.net is compensated for providing capital introduction services to hedge funds and hedge fund managers, which may include one or more hedge funds mentioned in this article. Hedge funds and/or hedge fund managers mentioned in this article also may compensate HedgeFund.net for services provided to them by HedgeFund.net













 HOME    HEDGEPLUS    HEDGENEWS    PORTFOLIOS    FUNDS    PERTRAC ONLINE               Copyright 2010, Channel Capital Group Inc. All Rights Reserved.   
NEITHER CHANNEL CAPITAL GROUP INC.("CCG"),ITS AFFILIATES,OR CCG'S OR ITS AFFILIATES RESPECTIVE OFFICERS,DIRECTORS,AGENTS,MEMBERS,SHAREHOLDERS AND EMPLOYEES (EACH A "CCG PARTY" AND COLLECTIVELY THE "CCG PARTIES")RECOMMENDS OR SOLICITS ANY INVESTMENT BY USERS OF THIS WEB SITE,THE MATERIAL CONTAINED HEREIN IS BASED UPON INFORMATION PROVIDED BY HEDGE FUND MANAGERS AND OTHER SOURCES. THE CCG PARTIES HAVE NOT INDEPENDENTLY VERIFIED SUCH INFORMATION,DO NOT REPRESENT IT AS ACCURATE ,TRUE OR COMPLETE, MAKE NO WARRENTY, EXPRESS OR IMPLIED REGARDING IT AND SHALL NOT BE LIABLE FOR ANY LOSSED,DAMAGES,COSTS, OR EXPENSES RELATING TO ITS ADEQUANCY ,ACCURACY ,TRUTH ,COMPLETENESS, OR USE, REGISTERED USERS SHOULD NOT RELY UPON DATA TO MAKE AN INVESTMENT DECISION ,AND SHOULD NOT THAT PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE.