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Money | 03/03/2009 9:35 am

Ruth Madoff Asks to Keep $62 Million

By The Staff at wowOwow.com
© Shutterstock

Ruth Madoff wants to hold on to $62 million of her money. Too bad she’s not getting too much sympathy, particularly from victims.

A U.S. District judge has frozen some of Ruth and Bernard Madoff’s assets since his alleged Ponzi scheme unfolded. Bloomberg reports, however, that Ruth insists she has her own $17 million in cash stowed away at Wachovia Bank, and $45 million in bonds at COHMAD Securities, co-owned by husband Bernard. Plus she owns the couple’s $7 million penthouse — totaling $69 million in assets, and she hopes to keep them in her holdings.

Though Mrs. Madoff hasn’t yet been accused of any wrongdoing, she and other family members may be targeted by investors looking to get back some of their losses. It was reported last month that Madoff withdrew more than $15 million from COHMAD just before her husband’s arrest. And former customers are fuming.

"I’m angry, outraged. Really, I mean it gets more ludicrous every minute," 91-year-old Hilda Hausner, who lost $800,000 invested with Madoff, told The New York Post. "Well, where did she get the money from? I guess I gave it to her, and thousands of other people."

The Noel family of Greenwich, CT, are also likely irked. Not only did the wealthy family lose their riches to Madoff, but their friends lost out as well after the Noels convinced them to invest with Madoff — and now they’ve become social pariahs. "There are times when I lie awake and think, Oh my God, what does the future hold?" matriarch Monica Noels once let slip to a friend, reports Vanity Fair. "Oh, don’t let anyone know I said that."

Madoff may finally face some of his victims Wednesday, during a court hearing on the civil suit filed against him by more than 2,350 claims investors. That likely won’t be a great day for Madoff. But then again, neither was the day his customers discovered he lost their life savings.

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

Donald Fulton
Notice that Ruth Madoff says much of her money is at CohMad Securities. Something really smells about this. Cohmad is a small Madoff feeder sales organization with just a few salesman. It’s not a bank, it’s partially owned by Bernie, it shared offices with Madoff Securities in NY. The MA Attorney General has an ongoing investigation, which Bernie bagman and Cohmad principal Robert Jaffe is stonewalling, to determine if Cohmad really was independent of Madoff Securities. 
By Donald Fulton on 03/03/2009 12:49 pm
M. Starr

Ruth MUST be as much a sociopath as her husband if she thinks this is ‘right’……………to be honest, and i am, i think bernie is taking the fall for his wife and the sons that ‘turned him in’………..just an opinion folks ! 

By M. Starr on 03/03/2009 2:39 pm
Lila Kuh
I wouldn’t let her hold on to 62 cents.  Let her start over and rebuild her finances from scratch, since that is what the Madoffs have done to so many others.  I don’t think she’s too delicate to flip burgers or sweep floors like a lot of honest people have to do to make ends meet.  Just don’t let her near the cash register….
By Lila Kuh on 03/03/2009 2:47 pm
Diana T
Funny.  That reminds me of when Ken Lay’s wife went on the Today show and tried to convince people they were so destitute they had to hold auctions and sell a couple of houses.  Let her become a greater at the local WalMart as far as I’m concerned.  May teach her a little compassion and something about how the Real World lives.
By Diana T on 03/03/2009 4:12 pm
Elizabeth Bennett
She would have to have an ironclad prenup!  I say let her keep a half a million and the rest goes to victims.   That way, she will not starve to death, and she will finally know the meaning of her wedding vows. 
By Elizabeth Bennett on 03/03/2009 5:05 pm
rocky rocky
$500,000? So much? Okay, but in trust, doled out at $25K annually. Plus full-time community service. Prisons are too crowded anyway, so that should do it. 
By rocky rocky on 03/03/2009 5:33 pm
Elizabeth Bennett
OK, maybe you are right.  I thought she was sort of an innocent bystander with inherited money of her own, but it turns out that the inherited money story was just a story, and that makes her less innocent than I thought.  All of their money should go to the victims.  Make her get a job or go to prison.
By Elizabeth Bennett on 03/04/2009 8:02 pm
Ronnie Sue Ambrosino

I am a Madoff Victim. We have an established, proactive support group that was formed in order to unite all victims and to help share knowledge and support. We have been instrumental in contacting congress, senators, and the media in an effort to find restitution and recovery.

We are moving forward and feel that we can make a difference and that we will prevail.

If you’re a former Madoff investor please contact us at bernardmadoffvictims.org.

Ronnie Sue Ambrosino

By Ronnie Sue Ambrosino on 03/03/2009 5:07 pm
Dee T
I pray for all of you- don’t let those two walk away with ANY assets including the silverware, furniture, artwork, etc…. sell it all and you get the profits!
By Dee T on 03/03/2009 5:29 pm
g c

Ronnie,

Good luck to you all.  Pray you all get some justice.

By g c on 03/03/2009 7:16 pm
Murnah H
The Madoffs are sick people. Whatever they have left should be divided appropriately and returned to the people they cheated. He should be in prison, and probably she should be also.
By Murnah H on 03/03/2009 7:39 pm
Nancy B
Andrea Brandon, you made me laugh out loud. Your comment was the best!
By Nancy B on 03/06/2009 7:09 pm
Robbie Mcelveen
More power to the madoff, Take the money an run
By Robbie Mcelveen on 03/12/2009 1:11 pm