Madoff Family Request to Keep $69 Million Stolen Assets
March 2nd, 2009 at 6:53 pm - by Giuseppe Burtini
Bernard Madoff and his wife, Ruth Madoff, filed papers Monday suggesting that the Madoffs and their lawyers believe and claim they are entitled to keep both their $7 million apartment where Bernard Madoff stands under house arrest as well as an additional $62 million in assets.
The papers say that Madoff’s apartment, a $7 million penthouse located in Manhattan, and other $62 million, which is in a bank account held by Ruth Madoff, were earned unrelated to the $50 billion Ponzi scheme and thus are not subject to seizure.
The cash funds are split up in to $17 million in Wachovia bank deposit accounts and $42 million held in municipal bonds (”munis”) held by Ruth.
Analysts at this point are suggesting that this money may be related to the illegitimate dispersal of assets accused earlier this year.
March 2, 2009 at 9:20 PM
The headline is misleading. The Madoffs have requested to keep their $7 million apartment and an additional $62 million in assets. However, as far as I know, that request has not yet been granted and may never be granted.
March 2, 2009 at 9:42 PM
Fair enough — consider that fixed.
March 3, 2009 at 7:29 AM
Old Ruthie is involved in this, and should go to jail. All assets that Madoff family has should be taken away and given to the victims. The victims are more important than the Madoff family. They have no right to any of those millions.