Bernie Madoff Gets Dumped By Wife

By: Pat Prescott
Published: Aug 16, 2021

Bernie Madoff has been dumped by his wife while he sits in prison for the rest of his life. Mrs. Madoff apparently has not visited her husband in jail since their son Mark killed himself last December on the two year anniversary of his fathers incarceration. She is said to be trying to reconcile with her other son Andrew.

Being married in 1959 the Madoff’s had been married for 52 years. “Ruth has not seen Bernie since Mark’s suicide, and I think the remnants of the family will now pull together,” says Madoff biographer Diana Henriques. “Ruth visiting him in prison was a major impediment to her being reconciled with them.”

In March 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1970s, and those charged with recovering the missing money believe the investment operation may never have been legitimate. The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.

In settlement with federal prosecutors, Madoff’s wife Ruth agreed to forfeit her claim to US$85 million in assets, leaving her with $2.5 million in cash. The order allowed the SEC and Court appointed trustee Irving Picard to pursue Ruth Madoff’s funds. Massachusetts regulators also accused her of withdrawing $15 million from company-related accounts shortly before he confessed.

Ruth did not attend court during Madoff’s trial but issued a statement, afterwards saying “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. 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.”

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