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Accused $50 billion swindler Bernard Madoff (R) arrives for federal court January 14, 2009 in New York City. U.S. prosecutors want to end his house arrest at his luxury apartment and toss him in jail for violating a court order. Madoff is accused of running a $50 billion Ponzi scheme through his investment company. (Photo by Mario Tama/Getty Images)more pics »In a new development in the scandal surrounding Bernard Madoff, it turns out his wife might have been helping him to stash money -- a lot of money -- before he was found out by authorities.
Ruth Madoff on right (click for full size)Ruth Madoff made two major withdrawals from Madoff-related accounts shortly before news of her husband's "giant ponzi scheme" became common knowledge. How much is major? Bigger than any withdrawal you'll ever make. On Nov. 25, 2008, Mrs. Madoff picked up $5.5 million and on Dec. 10, (the day before Bernie was arrested) she withdrew $10 million.
Authorities suspect the couple are still trying to hide assets pending Madoff's pending trial. The uber-rich schemer is currently on house arrest in Manhattan.
More from CNN:
He faces one charge of securities fraud in connection with an international scheme that has cost some investors their life savings and could face up to 20 years in prison and a $5 million fine if convicted.
In January, prosecutors tried to revoke his $10 million bail after he mailed more than $1 million worth of diamond-studded jewelry to friends and family, a move they said showed he was trying to move assets out of government hands. But a judge ruled Madoff was neither a danger to the community nor a flight risk. Not a flight risk? With his kind of money, if I were facing 20 years in prison, you can bet I'd be a flight risk.
Feb. 11 (Bloomberg) -- The liquidator of Bernard Madoff’s firm said the New York Mets owners were so “hooked” on money from the con man that they used it in place of disability insurance for the baseball team and to fund players ...
- Mets Owners Seek Dismissal of Madoff Lawsuit (api.bing.com)
NEW YORK — The Mets' owners want the Supreme Court to decide whether only those investors who lost money should get a share of proceeds recovered from Bernard Madoff's Ponzi scheme. Sterling Equities Associates, which owns the Mets, on Feb. 3 ...
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- MLB notebook: Mets try Supreme Court to recover Madoff money (api.bing.com)
- Mets ask Supreme Court for help in getting Madoff money (rss.cnn.com)
- Mets owners ask Supreme Court for help in Madoff case (rss.cnn.com)
DUMMERSTON, Vt. -- It's hard to resist being gleeful at seeing Wall Street swindler Bernard Madoff get the maximum sentence - 150 years in prison - for bilking investors out of anywhere between $65 billion and $171 billion. But justice certainly wasn't done.
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- Court documents: Wilpons were warned about Madoff (api.bing.com)
- Wilpons apply to high court in Madoff case (api.bing.com)
A former executive for a hedge fund started by the owners of the New York Mets warned them that Bernard Madoff had to be doing something illegal to gain such high returns, new court documents allege. A former executive for a hedge fund started by the ...
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Koch Industries Inc., the company run by billionaire brothers Charles and David Koch, was sued for $21.5 million by the trustee liquidating Bernard Madoff’s firm. The trustee, Irving Picard, sued to recover money received from a feeder fund ...
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Law360, New York (February 10, 2012, 3:30 PM ET) -- The liquidation trustee for Bernard Madoff's firm told a judge on Thursday that his $386 million clawback lawsuit against the owners of the New York Mets should go forward because a jury would be right to ...
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- Madoff Trustee Seeks to Pursue $386 Million Mets Owners Suit (api.bing.com)
- NY judge blocks immediate appeal by Madoff trustee (api.bing.com)
Compared with Bernard Madoff, he was small fry. Charles Ponzi’s scam blew up after a few months, and his investors lost about $20 million. Those people who invested with Madoff lost about $20 billion in principal, the trustee liquidating his ...
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NEW YORK -- The widow of Bernard Madoff's son says she threw up when she returned to the New York apartment where he hanged himself. Stephanie Mack had vowed never to go back there after Mark Madoff's December 2010 suicide. But Mack says in the ...
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- Widow Returns To NYC Home After Madoff's Suicide (api.bing.com)
- Madoff son's widow returned to NYC home of suicide (api.bing.com)
- Madoff son’s widow returned to NYC home of suicide (api.bing.com)
‘It’s hard to imagine ever being that close to anybody again, where you can say whatever you feel and they get it without explanation ... ‘I can’t believe you’re turning your back on your father!’ she screamed at Andrew down the phone.
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- Madoff case: U.S. asks court to OK $7.2 billion Picower deal (api.bing.com)
The New York Mets’ owners asked a judge to dismiss $386 million in remaining claims brought by the trustee liquidating Bernard Madoff’s firm, saying their “early faith” in Madoff was well-founded because of his reputation. U.S. District ...
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- HSBC pulls settlement offer to Madoff Ponzi scheme investors (api.bing.com)
- Confidence Trick (cjr.org)
NEW YORK -- The widow of Bernard Madoff's son returned to the New York City apartment where here he hanged himself and found scuff marks on the ceiling. Stephanie Mack says her husband, Mark Madoff, left the marks when he...
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- Madoff son's widow tries to move on after suicide (api.bing.com)
Feb. 1 (Bloomberg) -- Ezra Merkin’s bankrupt Ariel and Gabriel funds, so-called feeder funds for Bernard Madoff’s defunct money management firm, are still awaiting court approval for distribution, a liquidator said. Bart M. Schwartz ...
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A March trial may decide how much the team owners’ disastrous investment in the fraudulent business of imprisoned financier Bernard Madoff will cost ... way to start the season," said Neal H. Levin, who heads the fraud team at the Chicago ...
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Jan. 23 (Bloomberg) -- HSBC Holdings Plc, Europe’s largest lender, withdrew a settlement offer with investors in a feeder fund that lost money in Bernard Madoff’s Ponzi scheme after a U.S. court dismissed the case. The individual investors ...
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- Madoff Trustee’s HSBC Lawsuit Restored to Bankruptcy Docket (api.bing.com)
Wall Street JournalJudge to Madoff investors: Tough luckCNNMoneyBy Aaron Smith @CNNMoney January 5, 2012: 2:44 PM ET Feeder fund investors who lost their money to Ponzi schemer Bernard Madoff are still out of luck, ruled a district judge. NEW YORK (CNNMoney) -- A federal district court judge in New York has ...Feeder Funds Lose in RulingWall Street JournalMadoff trustee sues Calif AG, wins feeder fund caseReutersNY judge agrees feeder fund...
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Overview
Ruth Madoff (born c. 1941) has been the wife of disgraced New York investor Bernard Madoff since 1959. Find more Ruth Madoff pictures, news and information below.
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