Trustee sues Madoff's wife for nearly $45M

[formercia]

Source: yahoo.finance

Bankruptcy trustee sues Madoff's wife for ill-gotten money used for "a life of splendor"

* By Larry Neumeister, Associated Press Writer
* On Wednesday July 29, 2009, 2:37 pm EDT

NEW YORK (AP) -- The trustee overseeing the liquidation of Bernard Madoff's assets sued the disgraced money manager's wife on Wednesday, asking for nearly $45 million that he says was spent on "a life of splendor."

Trustee Irving H. Picard spelled out his claims in a lawsuit against Ruth Madoff in U.S. Bankruptcy Court in Manhattan. Ruth Madoff several weeks ago moved out of a $7 million Manhattan penthouse where she and her husband had lived during their 49-year marriage.

Ruth Madoff's lawyer, Peter Chavkin, said in a statement that Picard's action was "wrong as a matter of law and fairness."

--snip--

Read more: http://finance.yahoo.com/news/Trustee-sues-Madoffs-wife-for-apf-523815551.html?x=0&sec=topStories&pos=3&asset=&ccode=

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She thought it was a clean escape...

[MADem]

1. K and R...maybe she can find an affordable mobile home rental in Florida. NT

[1monster]

21. Affordable in Florida? Maybe, but only if she's lucky enough to get a short sale on it due to the

economy...

[MADem]

22. I was thinking of a rental in a trailer park... nt

[1monster]

23. Okay, but inexpensive is relative. Those can be quite pricey too.

[MADem]

26. I'm talking about the places with running rust on the trailer skirt! nt

[BlooInBloo]

2. I thought she gave the money back?

[formercia]

5. She transferred money to relatives and related entities.

That's what the Trustee is going after.

[BlooInBloo]

10. Roger that.

[aquart]

13. Good.

[BlooInBloo]

7. self-delete - wrong branch.

[formercia]

19. She didn't read the fine print.

:rofl:

[RUMMYisFROSTED]

3. Begs the question: What happens to the moola if the "trustee" wins?

Which shark should I support?

:shrug:

[formercia]

8. The money goes to compensate the defrauded clients n/t

[RUMMYisFROSTED]

9. 404

[RUMMYisFROSTED]

12. 404

[formercia]

14. Ok, fixed link

thanks :hi:

[RUMMYisFROSTED]

15. Gracias.

Changes my reaction.

$44.8M? So much less than the crime committed.

An 1000th of a %?

[closeupready]

4. Remember that recent story about MJ's financial advisor keeping $5.5M in a 'secret place'?

That was probably intended to be money kept safe from further legal judgments and who knows who else. Similarly, I'd imagine Bernie did something very similar. I mean, come on, if MJ was smart enough to do that, Bernie did, too. I wonder if he told Ruth about such accounts, if they exist.

[dysfunctional press]

24. "I wonder if he told Ruth about such accounts, if they exist..."

when she plucks him out of the yard at the medium-security prison with a jet helicoptor- we'll know that answer.

[Richmark Sentinel]

6. Funniest line I've heard

Was what has become Urban Legend down here.

As in the case of Madoff a judge sentenced an elderly accused who had been convicted to 70 years.

"But M'Lord I'm 60 now I can't do 70 years!"

"No pressure sir, just do as much as you can".

Here's further detail on Madoff's wife :

http://www.richmarksentinel.com/rs_headlines.asp?recid=439&pcurr=1

[RUMMYisFROSTED]

11. Holy shit!

[gratuitous]

16. Heh, heh

When your own lawyer says that the trustee is "wrong as a matter of law and fairness," you can bet he's going to rely a lot more on the "fairness" argument than on any law. Here's hoping he runs up considerable billable hours and loses anyway. Tough to collect from a destitute client. I hope he's gotten a BIG retainer up front.

[Blaze Diem]

17. "Fairness"??? haaaaaaaaaaaa Can't use Madoff & Fairness in the same sentence.

Hope Picard wins the case.
Then he should go for the rest of the family.
They all lived well for a long time on stolen money.

[formercia]

18. Pickard will go after all of them.

He has to recover all assets acquired with illegally gotten gains. He will use her case as the basis to pursue others.

[fascisthunter]

20. good... I only wish she'd lose everything

[Demeter]

25. She already has

the money is the least of it. and the last.