Ruth Madoff, the wife of disgraced financier Bernie Madoff whom pulled off the biggest Ponzi scheme in history with $30 billion in hard cash squandered; has decided to end her quest to secure $80 million from her husband’s remaining assets.
Mr. Madoff has previously requested that his wife be allowed to retain the $70 million in her name, because, as he stated, she “unequivocally did not know of the misconduct and did not participate in it.”
But prosecutors were determined to secure as much from Madoff assets as some compensation for the lost clients have suffered. To that end, they have convinced Mrs. Madoff to settle for $2.5 million.
Mrs. Madoff was probably keen to settle even for such a relatively small amount that will not be able to finance her previously lavish life. Mrs. Madoff has, probably unfairly, been attacked in the press and shunned by New York’s high society.
The indignity of continuing to fight for money tied to an embarrassing did not outweigh the money itself apparently. Her decision to just move on is understandable. Though it should be emphasized that she is still receiving $2.5 million. That is more than enough money to live a comfortable life, add interest and any investments she might make off of it and her picture looks even better. In contrast, many Madoff investors lost their entire life savings and many have had to sell their homes and even their main home.
Mrs. Madoff will not attend her husband’s sentencing, though is expected to send a note.
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