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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

S.J. Morgan

I’m torn…as a business partner with my husband I know everything about where our money comes with.  But, there is a age group out there that were taught to let their husabnds deal with financial matters and to just enjoy their life as mothers and homemakers.

Yes she had the resources to hire maids, attendants and live in a beautiful home but she did not personally pay the bills or deal in his work.

Afterall he was highly respected for many of those prior years. 

She is quite likely a victim as well and has to pay the price with the others who lost alot!  At least she is not behind bars..for now unless they find evidence to implicate her as well.

 

 

By S.J. Morgan on 06/30/2009 11:16 am
L. C.
What an actress! … Lets start the oscar nominations now! … She’s guilty as sin! … Does a hen lay eggs! … Does a cow give milk ? … Is orange juice orange? 
By L. C. on 06/30/2009 11:51 am
Laura Ward
If the article in Vanity Fair by the secretary is to be believed, Ruth was trying to keep more than what was legally hers after the crime was known. Plus, she and the sons must have known things were fishy even if they didn’t know in what way.
By Laura Ward on 06/30/2009 12:46 pm
kermie b

"[Ruth] had to give up $80 million in property and other assets"—oh, cry me a river. I’ve never had that much money and never will, yet I will survive. She has to live on $2 million now, before or after taxes? She is lucky to have that. Good luck getting a job, Ruth, unless it turns out you will, in fact, be making license plates.

IMO, women like my belated mother who had no idea how to pay a bill or write a check after my father died, are not as prevalent today; she spawned a generation, mine, who refused to be helpless, who refused to live like a child, unaware of where the family funds were going.

Ruth was savvy enough to be in the family business—she knew exactly what and who her husband was. All these excuses for her just don’t make sense. Women are smarter than that. She knew.

By kermie b on 06/30/2009 12:48 pm
Libra Lady
Maybe Ruth read the "Good Wife’s Guide" that Lady Gator posted yesterday..and followed it rule by rule….but I really kind of doubt it….I think she was well aware of it, and supposedly she is crying every-night for the poor victims….I really kind of doubt that one too….I think she is crying because they got caught….that’s usually when the tears start to flow!  jmho
By Libra Lady on 06/30/2009 1:07 pm
Zera Lee

If the rest of the family goes to trial over this, it may be hard to find an untainted jury. Then again, they found a jury for Bernie.

Then, on Dec. 10, 2008, Squillari knew something strange was going on. She watched as Madoff, his brother and his sons had what appeared to be a tense meeting in the office. Madoff appeared so shaken his sons had to help him put on his coat, she told “Good Morning America.”

Earlier that morning, she said, Madoff’s wife Ruth had tried to sneak past her desk. She had come into the office to withdraw $10 million from her personal account.

The next day, Madoff was arrested for perpetrating what is believed to be the largest Ponzi scheme in U.S. history.

According to Squillari, Madoff’s wife was completely devoted to him and was involved in the day to day operations of the company. Madoff once told Squillari that he had his wife watching the company’s books because “nothing gets by her,” Squillari said.

As Madoff’s secretary for more than 20 years, Squillari got to know the disgraced financier better than most people.

Madoff Secretary: Wife Involved in Day to Day Operation of Company
“People describe a couple that was really glued to each other,” Franks points out. “They didn’t golf, except with each other. They didn’t eat, except with each other.”
Sources Implicate Madoff’s Wife

I find the idea that Bernie may be received in prison as a celebrity to be a bit perverse.

By Zera Lee on 06/30/2009 1:15 pm
Slinky Binx
Just like everyone else, I don’t believe her.  If the accounts by the Sec’y are true then she should go to jail too.  Ugh! Disgusting!
By Slinky Binx on 06/30/2009 3:16 pm
Joleen Knits

Along with others here, I don’t buy a word of anything Mrs. Madoff says. My 79 year old mother was never involved in my dad’s business and has no head for money matters. Nevertheless, she had a general idea of what went on. Mrs. Madoff actually handled the books.

Seems to me that she would have very good attorneys. Council are aware she may be next, and may have been waiting for the sentencing. This seems like a carefully crafted PR blitz with the aim of garnering sympathy in the event of future prosecution.

While normally a bleeding heart, I have no compassion for poor, "impoverished" Ruth. This woman lived an extremely easy, ostentatious life paid for by people who trusted them. Many others in her age group have had to sell their homes, etc. in order to merely survive. Nope, I believe she’s as big a con as her husband.

By Joleen Knits on 06/30/2009 3:45 pm
Rachel M
She is only releasing a statement since landlords will not rent to her under her married name or maiden name due to her being a high risk tenant. Also why was alot of the couple’s money in her name if not to hide assets. She knows more then she is letting on to especially since she worked in the office.
By Rachel M on 06/30/2009 5:01 pm
Mary Utrup
Ruth Madoff belongs in prison right alongside of her husband. I’ve said it before, there were articles on top of articles about how totally devoted the two of them were to each other. The whole situation is completely unbelievable. That anyone could double shuffle that many individuals and the United States government for that long a time is astounding. I am just grateful for all those who were able to speak at the sentencing. Madoff most probably paid little if any attention to what they had to say, BUT it had to have been cathardic for the victims. Grannie Sammie! I’m delighted for your sake and everyone of the victims that they actually did THROW THE BOOK AT HIM. And hopefully threw away the keys forever!!
By Mary Utrup on 06/30/2009 5:07 pm
Melanie Waldrop
Fool me once, shame on you; fool me twice, shame on me! There is no way that I am buying that Ruth Madoff was unaware of what Bernie was doing! She worked along side him for so long, as did his sons…There is no way that this scheming and scamming was not, on some level, a family affair. I am sorry but I am not losing sleep over the tragedy of Ruth Madoff giving up 80 million in assats or the fact that now she must (*gasp*) ride the subway along with all the common people. Madoff, and his family, may hold themselves in high regard because of the money they have and the power they once weilded, but they are not worthy of touching the feet of most of the common people of this world. It is high time Mr. and Mrs. Madoff got a dose of hard reality!
By Melanie Waldrop on 06/30/2009 6:53 pm
Carolyn Draftz
It would be interesting to know if Ruth was a benefactor to any charitiies.  Which of those were the top three recipients? of how much Madoff money?  Is there a moral thread among the two of them some where?
By Carolyn Draftz on 06/30/2009 10:34 pm
Washington  Cube

Ruth?  NO ONE buys your story.  You burned the BOOKS.  You lived the life.  Someone tell me again why the government isn’t going after this woman and her sons?

By Washington Cube on 07/01/2009 2:42 am
Lin Cercone
Oh come on guys.  I believe Ruthie, she’s innocent.  By the way, if anyone is interested, I’ve got this great little bridge in Brooklyn I’m selling - Ruthie, I’ll make you a great deal - just half of the 2 million and you’ll be the proud owner of the Brooklyn Bridge.  What about it?
By Lin Cercone on 07/01/2009 4:27 am
Robin Moore
Ruth, Ruth, Ruth… shame on you!
By Robin Moore on 07/01/2009 6:27 am