Ruth Madoff Seen Out Shopping
The government yesterday settled with the estates of Mark and Andrew Madoff and recovered $23 million, which will be distributed to defrauded investors and victims of Bernie Madoff's ponzi scheme.
Both Mark and Andrew Madoff have passed away; Ruth Madoff, who is still married to Bernie, lives a quiet life in Greenwich, Ct.
Bernie Madoff is currently serving a 150 year prison term in Butner federal prison outside Durham, North Carolina.
Following Bernie Madoff's arrest for what many consider to be the largest Ponzi scheme in history, his wife Ruth fell into relative exile, ostracized by her former social circle, which included many who were duped by her husband's prolific fraud.
She was allowed to keep $2.5 million of her family's sizable assets, thanks to a deal Bernie made with the prosecutors; the rest of their $80 million fortune was immediately seized to help repay victims. As the New York Postso eloquently put it, "Ruth took the cash and skipped town."
Now a resident of Old Greenwich, Connecticut, and still married (though she hasn't visited her husband in five years), Ruth keeps a relatively low profile. However, Wednesday, just one day after the federal government recouped $23 million from the estates of Madoff's two late sons, Mark (who hanged himself in 2010), and Andrew (who died of lymphoma in 2014), she was photographed out shopping in town.
Ruth was seen buying groceries, and supplies at the pharmacy in addition to getting breakfast at Crust Bakery.
While Mark and Andrew maintained that they knew nothing about their father's fraud, they did work at their father's company at the time, and Irving Picard, the trustee responsible for recouping money for investors, believes they benefitted from the crime. The money will be split between Picard and the Madoff Victims Fund, which is run by the Department of Justice.
"On behalf of the Estates and families of Mark and Andrew Madoff, we are pleased to resolve all of the remaining civil claims," a lawyer for the estates said in a statement, according to the New York Daily News.
"As we have stated from the outset, and as the facts have demonstrated, neither Mark nor Andrew was aware of Bernie Madoff's heinous fraudulent scheme.... This settlement finally brings closure to Mark and Andrew's families."
In a hearing on July 26, the settlement will be brought before a judge for approval. According to Bloomberg, a civil suit against Ruth is still pending. Bernie Madoff is currently serving a 150-year prison term.
For more news videos visit Yahoo View, available on iOS and Android.
You Might Also Like
