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Ruth Madoff on Bernard Madoff Sentencing | 06/30/2009 9:45 am

Ruth Madoff 'Embarrassed and Ashamed,' 'Betrayed' by Husband's Scam

Finally speaking out about how she, too, is a victim, Ruth Madoff says she has sympathy for the victims of this man who has become a stranger to her.
By The Staff at wowOwow.com
© AP

After hubby bad Bernie Madoff was hit with 150 years in the slammer, wife Ruth Madoff is finally breaking her silence.

Mrs. Madoff has largely kept mum since her family’s world was turned upside down when Bernie turned himself in for operating a $65 billion Ponzi scheme. He was sentenced yesterday in New York, and punished with the maximum sentence. His victims cheered the sentencing. It was then that Ruth Madoff released a statement, saying she, too, was a victim. She been ostracized, she lost her life as she knew it, she had to give up $80 million in property and other assets. In addition to all of this, Ruth says she realizes the man she was married to was a completely different person than the one who ruined so many lives. And her drama isn’t over. It’s likely she and her sons, among others, will still face scrutiny for what — if any — roles they played in the scam. Reuters has her statement, in its entirety.

Here’s a snippet:

From the moment I learned from my husband that he had committed an enormous fraud, I have had two thoughts — first, that so many people who trusted him would be ruined financially and emotionally, and second, that my life with the man I have known for over 50 years was over … My husband was the one we (and I include myself) respected and trusted with our lives and our livelihoods, often for many, many years, and who was respected in the securities industry as well. Then there is the other man who stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves. Lives have been upended and futures have been taken away. All those touched by this fraud feel betrayed; disbelieving the nightmare they woke to. 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.

32 Reader Comments (so far…) Sign In or Register to comment

Libra Lady

She been ostracized, she lost her life as she knew it, she had to give up $80 million in property and other assets.

I find it very hard to believe Ruth was not aware of what her husband, and possibly sons knew what was going on….when your husband is making so much money, I think you would want to know the legality of it…I would be suspicious if it could be money laundering or drugs, or whatever…I would want to know how and why we are so very wealthy.   For her to have to give up $80 million in assets and property (and I believe she is still left with about $2 million) I say, they weren’t yours to begin with…you benefited from them because of victims who lost in madoff’s scam!!!  I do try to support women as much as possible, but this one just sounds fishy!!!

By Libra Lady on 06/30/2009 9:00 am
Kelly In Texas

Absolutely Libra Lady….cry me a river here….

What really burns me up is that she served as the BOOK KEEPER for the organization…. and now claims to be the innocent spouse.

Innocent spouse my a$$….greedy wench…..

By Kelly In Texas on 06/30/2009 8:19 pm
Kelly In Texas

But here’s is the ONE thing , THE REAL BIG THING…that has been ignored…we are given the Madoff family to skewer and prosecute…but where are the SEC bureaucrats that ALLOWED him to do this??? The government doesn’t want any media hype on them…just on Madoff.

Meaghan Cheung, Simona Suh, Doria Bachenheimer…these women were warned about Madoff. He was probed 8 times in the past 16 years! Where are they? Why aren’t they up there being investigated?

Why…..because it will be bureaucrats that run cap and trade, our health care etc..BEWARE the SAME inept bureaucrats will be in charge of your health care….

Be scared, be very, very scared.

By Kelly In Texas on 06/30/2009 8:45 pm
Libra Lady
Kelly…you got that right….there were many behind madoff knowing what was going on….I really hope they get to the bottom of all the crookedness….but you can bet…some names will be shoved under the carpet and we will never know the whole story….the SEC is a joke…
By Libra Lady on 06/30/2009 9:13 pm
Kelly In Texas

Libra Lady…they are worse than a joke…they are puppets, much worse. Why aren’t the American people calling for the bureaucrats that turned their heads and ALLOWED this to happen?

Because they are being spoonfed only the information that the government wants for them to see. One must ask themselves…why would the government LET this financial disaster happen? To what end?

Economic chaos and collapse…bank bailouts and HUGE money changing hands…then there is that part of the bonuses still being paid to the banks…not an accident.

None of it was.

By Kelly In Texas on 07/01/2009 9:26 am
Barbara B
Libra Lady you are so right.  Bernie knows he is finished so what he is doing now is keeping his silence so his family will be free.  That is why there was no trial.  If no trial no perdury.  No man could pull that off without confiding in someone close to him who he trusted.  To big of a scam
By Barbara B on 06/30/2009 9:23 am
F P
Really! Ruthie you worked side by side with Bernie for years and you didn’t know? Why do I find that hard to believe?
By F P on 06/30/2009 9:26 am
Maggie W
She’s either being truthful, or she is a very accomplished liar.  2.5 million must feel like small change to Ruth.  No sympathy here.
By Maggie W on 06/30/2009 9:39 am
S G
I think it is quite possible she had no idea. I am sure the truth will come out one way or another.
By S G on 06/30/2009 9:42 am
Kelly In Texas

She was the freakin BOOK KEEPER…she knew…the GOVERNMENT knew…they let him create havoc because it helped the crisis situation in which the bailouts could be accepted.

 Economic collapse is necessary for the American people to accept the Nationalizing of our country.

And so far, we are falling in line….

By Kelly In Texas on 06/30/2009 9:05 pm
Laurie Deer

Ruth Madoff knew about her husband’s wrongdoing.  She withdrew quite a large sum of money the day before he was arrested, coincidence I think not.  To maintain some type of dignity, she is trying to come across as a victim too.  A little to little and a little to late. 

By Laurie Deer on 06/30/2009 9:51 am
Kristy B
I just don’t buy that she had no idea.  I think that she willingly looked the other way!
By Kristy B on 06/30/2009 10:12 am
Tee Zee
Sorry Ruthie, I don’t buy your B.S. 
By Tee Zee on 06/30/2009 10:25 am
aud b

I am torn.   I know a few guys i work with who are in pre baby boomer generation who have secret lives their wives know nothing about…

however, when I (gen x) was married, my husband couldn’t keep anything from me…not even his questionable lifestyle and actions…(we are divorced now because of that lifestyle and actions).

So it can be a 50/50.  plausible that she didn’t know anything… plausible that she knew everything and just stayed quiet.

By aud b on 06/30/2009 10:39 am
L. C.
This is interesting. Are you going to tell?
By L. C. on 06/30/2009 11:45 am