New York (HedgeCo.Net) – While authorities are trying to locate and freeze all of the assets of admitted Ponzi schemer Bernard Madoff, lawyers representing his wife, Ruth, claim that she has millions in assets, all independent of her husband’s scam.
In an order filed yesterday, it was disclosed that Ruth Madoff owns $45 million in municipal bonds, and a New York City apartment. Ruth also apparently isn’t facing any liquidity crunch; she has $17 million in cash sitting in a Wachovia bank account.
U.S. District Judge Louis Stanton wrote that “some of the assets covered by the relief order are unrelated to the alleged Madoff fraud and only Ruth Madoff has a beneficial ownership in these assets.”
Earlier last month, Bernard Madoff agreed to a permanent freeze on his assets, without admitting or denying fraud charges.
Mr. Madoff has contested that he worked alone, however doubts surfaced when Mrs. Madoff withdrew $15.5 million from a brokerage account in her name in the weeks leading up to her husband’s arrest. The account was with Cohmad Securities Corp., an entity part owned by her husband.
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net
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Tags: 5-million, accredited-investors, beneficial ownership, bernard madoff, brokerage account, city apartment, crunch, district judge, fraud charges, hedgeco, liquidity, municipal-bonds, sister-sites, stanton, wachovia, wachovia bank, wife ruth
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