Ruth Madoff Must Report Receipts Over $100
Monthly reports of spending required by trustee
By CORY LOPEZ
Updated 2:43 PM PDT, Mon, Aug 3, 2009
The indignities are pouring in fast and furious for Ruth Madoff.
A New York court has ruled the Ruth Madoff, wife of imprisoned Ponzi schemer Bernie Madoff, must clear all spending of $100 or more to the trustee who is hunting down her husband's remaining assets
The judge overseeing the liquidation of Bernie’s collapsed investment firm, bankruptcy judge Burton Lifland, ordered Ruth to provide a monthly accounting of all her income and assets, as well as her expenditures topping $100, to court-appointed trustee Irving Picard.
The order is just the final blow in a week of knockouts for Ruth. With Bernie Madoff locked up in a North Carolina prison for the next 150 years, the trustee appointed to find and return funds to thousands of swindled clients is going after Ruth's riches too.
Picard filed a suit against Ruth seeking some $45 million in funds to compensate the victims of her husband's fraud. According to court papers, Picard said that she received tens of millions in "fraudulent" transfers from Bernard L. Madoff Investment Securities during the years leading up to its bankruptcy.
Ruth will be required to detail all spending decisions that of $100 or more in a monthly statement to the trustee.
This past week, the judge on the case also signed an order freezing Ruth Madoff's assets. The order applies to $2.5 million that the U.S. government agreed leave in the hands of Ruth Madoff as part of a deal in her husband's criminal case.
Authorities previously seized homes and property belonging to the Madoffs as part of the case.
First Published: Aug 3, 2009 12:50 PM PDT
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