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WORLD: Bernard Madoff wife evicted from £4m Manhattan penthouse
3 Jul 2009
The wife of disgraced financier Bernard Madoff has been evicted from their £4.3 million Manhattan penthouse after the property and her possessions were seized by the government.
Ruth Madoff, 67, left the home and her belongings, including a fur coat she wanted to take with her, after federal marshals arrived with a court order to take custody of the apartment.
Proceeds from the sale of the property and its contents could be used to help reimburse those who lost billions of dollars investing with Madoff in his Ponzi pyramid scheme.
An official said Mrs Madoff argued with marshals and wanted to stay, before asking if she could take a fur coat.
That was refused, and she left with just a straw bag. “Ruth moved out voluntarily pursuant to the prior agreements we reached with the government,” said her laywer, Peter Chavkin.
Madoff, 71, was jailed for 150 years on Monday after pleading guilty in March to charges that his investment advisory business was a multi-billion-dollar pyramid scheme that wiped out thousands of investors and ruined charities.
Authorities said Madoff confessed to his sons in December that his business was a fraud and he had lost as much as £30 billion.
Last week, his wife of 50 years agreed to give up all her possessions in return for a promise that federal prosecutors would not pursue £1.5 million not tied to the fraud. The money is not protected from civil action.
Mrs Madoff said on Monday her husband had “stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves”.
Before she agreed on a deal with the government to resolve her finances a week ago, Mrs Madoff had indicated she planned to try to keep the penthouse and £38 million in assets as unrelated to the fraud.
Before the fraud was exposed, the Madoffs also had homes in Palm Beach, Florida, the South of France and Long Island and travelled by private jet and large yacht.
Reader views (5)
The idea that Madoff acted alone is laughable. The real task facing the authourities is to root out the other offenders who made this huge fraud possible.
- Mikey, Tring, 04/07/2009 21:12
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England and Canada's much Less than stellar politicians, judges, their legal - justice systems are too similar in their lessthan setllar actions. I call it orgainized criminal government corruption.
You have to givecredit where credit is do. When criminal corrupt politicians and their "Associates" and persons likeMadoff are caught in theUSA they ARE Charged, Tried and if found guilty are rmoved fromtheir positions, possesions and sent to Jail.
In Canadain particularily Nova Scotia Canada, for example the Case IS arranged to be heard by one of their corrupt lawyers who They (Government & their crimnal "Associates" Appointed to Sit On The Bench as Judges - In case "The back room boysclub Associates" EVER NEED THEM For Their organized criminal means,."
- Arden Jarvis-Brown, Halifax-Nova Scotia-CANADA, 04/07/2009 07:18
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L Taubler - Poor woman! What about her husband? If he was over here, he would have received a slap on the wrist and a multi-million pound pension instead of 150 years in jail! This asset-seizure should have happened over here to Fred the Shred and his ilk. This Government is so gutless!
- Sonia M., St Albans, Herts, 03/07/2009 16:37
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Ain't that the truth! L.Taubler, London
- Vince, London, West London, 03/07/2009 15:08
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Poor woman. If she'd been in this wonderful country, she would have had the choice of several subsidised-rent council properties, especially as she isn't British.
- L.Taubler, London / ENGLAND, 03/07/2009 11:06
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