Ruth Madoff’s claim $69 million is her own money to be investigated next

March 13, 2009

(ChattahBox) — Now that Bernard Madoff entered an 11-count guilty plea in Manhattan federal court and is locked away in a small cell, the investigation into his giant Ponzi scheme will be broadened to include a number of suspected co-conspirators. In a lengthy statement Thursday, Madoff told the judge that some parts of his business were legitimate and successful — a possible move to show that some of the family’s assets are separate from the Ponzi scheme. But Madoff’s wife Ruth will be heavily scrutinized to see whether her real estate holdings and millions in cash are related to her husband’s Ponzi scheme.

The US attorney’s office is still trying to resolve what is tainted or clean money, and will want to see personal bank statements, credit card receipts, tax returns and canceled checks, as well as her business records. Many angry investors suspect their money ended up in Ruth Madoff’s hands. Madoff and his lawyers are  claiming that the Manhattan apartment and an additional $62 million in bonds and cash can be kept from investors because they are in Ruth Madoff’s name and unrelated to the fraud. Attorneys and investment specialists say  Ruth Madoff will have a difficult time proving her assertion that up to $69 million of the couple’s wealth was unrelated to her husband’s Ponzi scheme. Criminal and civil auditors are also interested in the $15.5 million Ruth Madoff withdrew from an account in Massachusetts last year, including $10 million on the day before her husband surrendered.


Comments

2 Responses to “Ruth Madoff’s claim $69 million is her own money to be investigated next”

  1. jamie on March 13th, 2009 9:29 am

    Why cant we waterboard Madoff and get some real answers. Considering the amount of people he hurt I doubt there will be any sympathy.

    Just my .02 cents

  2. Credit Card Cash - Credit card cash-back deals - Coshocton Tribune « Credit Card Cash on March 13th, 2009 12:35 pm

    […] Ruth Madoff’s claim $69 million is her own money to be investigated – Chattahbox.com(ChattahBox) — Now that Bernard Madoff entered an 11-count guilty plea in Manhattan federal court and is locked away in a small cell, the investigation into his giant Ponzi scheme will be broadened to include a number of suspected co-conspirators […]

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