Posts Tagged: Ruth Madoff Results 6
After Judge Denny Chin threw down a hefty 150 year sentence to Ponzi-schemer Bernie Madoff, his wife, Ruth, who has remained quiet in her posh Upper East Side penthouse throughout the entire situation — except when she made the mistake of leaving her home in March to buy cheese — finally broke her silence on the matter. Her statement follows:
I am breaking my silence now, because my reluctance to speak has been interpreted as indifference or lack of sympathy for the victims of my husband Bernie’s crime, which is exactly the opposite of the truth. From the moment I learned from my husband that he had committed an enormous fraud, I have had two thoughts — first, that so many people who trusted him would be ruined financially and emotionally, and second, that my life with the man I have known for over 50 years was over. Many of my husband’s investors were my close friends and family. And in the days since December, I have read, with immense pain, the wrenching stories of people whose life savings have evaporated because of his crime. My husband was the one we (and I include myself) respected and trusted with our lives and our livelihoods, often for many, many years, and who was respected in the securities industry as well. Then there is the other man who stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves. Lives have been upended and futures have been taken away. All those touched by this fraud feel betrayed; disbelieving the nightmare they woke to. I am embarrassed and ashamed. Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years. In the end, to say that I feel devastated for the many whom my husband has destroyed is truly inadequate. Nothing I can say seems sufficient regarding the daily suffering that all those innocent people are enduring because of my husband. But if it matters to them at all, please know that not a day goes by when I don’t ache over the stories that I have heard and read.
The latest edition of Vanity Fair brought yet more grist for the Madoff mill — this time with a profile of Madoff’s sons, Andrew and Mark. In theory, this ought to be fascinating stuff: the boys who turned in their father. What could be more Oedipal?
But it’s pretty thin gruel. One problem is access. Not surprisingly, reporter David Margolick seems to have had trouble getting anyone particularly close to the boys to speak frankly, and on the record. In fact, there isn’t much in the way of clear information at all. Though the sons remain under a pall of suspicion, there isn’t any solid evidence that they were involved. The suspicion, rather, comes from the sense that they were Bernie’s family – surely they must have known. And plenty of others feel certain that they didn’t – according to the article, Edward Blumenfeld, a New York real estate developer whose family lost big with Madoff, nonetheless invited Mark to Passover seder.
As the government talks about seizing her assets, did Ruth Madoff throw caution to the wind — and go on a shopping spree in New York City? The short answer is no, but the paparazzi mistook Hugh Jackman’s wife, the actress Deborra-Lee Furness, for 67-year-old Ruth Madoff on the streets of New York City yesterday. In a video posted on the gossip Web site TMZ, a paparazzo claims the mix-up had something to do with Furness’s sunglasses. Perhaps, it also had something to do with the glut of shopping bags the actress was toting.
Bernard Madoff, who is expected to plead guilty Thursday to running a multibillion-dollar Ponzi scheme, may not be the only one to go to jail for the massive fraud that he allegedly masterminded. A piece by Lucinda Franks, posted Tuesday night on The Daily Beast, suggests that the feds are focusing their attention on some 20 possible co-conspirators, who are divided into three groups. Franks writes:
In the first group are employees of Madoff’s firm who concocted false trades and sent out phony statements to thousands of unsuspecting clients. The second group is comprised of principals in feeder funds such as Cohmad Securities Corp. and Fairfield Greenwich Group, which funneled investor dollars to Madoff and received large fees for steering this business. If they were aware of Madoff’s fraud, they could face criminal charges; if they were not, they could be hit with civil charges for a lack of due diligence. …The third group is the target of an investigation that’s still in its early stages into money laundering through British banks, in which US and British authorities are cooperating. This group consists of solicitors, accountants, and others in London who may have assisted Madoff in transferring funds from client accounts to a Madoff entity that lists Ruth Madoff, brother Peter Madoff, and sons Mark and Andrew Madoff among its board members.
Remember that kosher cookbook Ruth Madoff — the wife of disgraced Wall Street trader Bernard Madoff — supposedly co-edited? Well, now another one of the book’s editors, Karen MacNeil, is telling The New York Times that “… in point of fact, I wrote the entire book.”