Money | 03/03/2009 9:35 am
Ruth Madoff Asks to Keep $62 Million

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
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 !
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
Ronnie,
Good luck to you all. Pray you all get some justice.