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With her multi-billion dollar Ponzi scheming-husband behind bars, Ruth Madoff is now the focus of the federal investigators. An SEC source tells the NY Post, "The US attorneys will be in court in the next week or so to tell a judge that they believe Mrs. Madoff's assets are derived from ill-gotten gains and that they should be frozen for a certain period of time while the investigation is ongoing... You just need to be able to convince the judge that there is a strong probability that the funds in question came from crime." Bernard Madoff is worth around $823 million, and that $92 million, such as multi-million dollar real estate, is in his wife's name (the "financier" had asked that Ruth keep "her" assets). Ruth Madoff reportedly agreed to freeze her assets earlier but that verbal agreement was non-binding.
Feds Want to Freeze Ruth Madoff's Money
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Uh, no shit, Sherlock.
why all the pussyfooting around this? She is a fucking thief. The feds have no problem seizing the assets of average citizens-zero. they will slap on a lien, freeze your bank account in five seconds flat if they want to.
Well, ordinary citizens cannot hire high-priced lawyers and accountants to create elaborate trust and ownership structures and to defend them through endless motions and appeals. Sadly Ruthie will be vacationing in "her" penthouse for many months to come.
I thought married people shared money as a single entity. If that's the case then isn't everything that's hers also his and therefore forefeit?
Also is anyone else kind of reminded of Arrested Development here? What with the grown children, the privileged wife and the dad in Jail?
Can gothamist please run with my comparison here?
"I've made a terrible mistake."
I wish I could kick them both in the face.
In Texas, you're allowed to keep your house even in cases like this (see Ken Lay and Enron), which is why so many of the Enron execs invested tons of money into their homes at the last minute, but I don't know if that law applies in New York.
i'm sure she worked very hard to earn her money
"her" house and assets sure are from illegal activities. throw the cuffs on here, the rest of the family, and the shmucks running the scheme from the 17th floor of the Lipstick building. poor john q. public who lost his job (through no fault of his own) who is now behind on his mortgage and the bank swoops in and padlocks the house and she gets to sit on her billions of dollars in a $7MM penthouse - hell no!
ken lay's family gets to enjoy all his ill-gotten cash
thats a crime
The Palm Beach mansion is protected by Florida law from the creditors in a simple bankruptcy but it and all his other properties in the U.S. are not protected from a crimminal asset forfeiture and seizure. Ruth won't need them anyway. Her next villa will be at Danbury where she can try her hand at crocheting a nice throw for Martha Stewart...for the next fifteen years.