Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Ruth Madoff Gives Up Homes, Left With $2.5 Million
By
Jen Chung
Published Jun 27, 2009
Modified Jun 27, 2009
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Jun 27, 2009
Modified Jun 27, 2009
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
Now it's clear why Ruth Madoff was riding the subway earlier this week: The Ponzi schemer's wife has come to an agreement with federal prosecutors, leaving her with $2.5 million as she must sell her and her husband's $7 million Upper East Side penthouse, $11 million Palm Beach house, and $3 million Montauk house and many other assets such as yachts. The homes and other assets will be sold, with proceeds going to victims of Bernard Madoff's $65 billion fraud.
Previously Madoff's lawyers tried to argue that Ruth Madoff should keep $70 million, but now she only has $2.5 million that the feds can't tie directly to the fraud. The Post adds, "The agreement -- inked just three days before Madoff faces sentencing of up to 150 years in prison -- offers his wife no protection from collection efforts by other government agencies or other parties, including the bankruptcy trustees seeking funds for his many wiped-out investors." Overall, a judge ordered Bernard Madoff to forfeit $170 billion, including other investments.
Madoff will be sentenced on Monday. While his lawyers have suggested a 12-year sentence, based on his age and life expectancy, prosecutors said, "The sheer scale of the fraud calls for severe punishment." As for Madoff's sons Andrew and Mark, they will not be at the sentencing: ABC News reports that Madoffs are upset that their sons haven't spoken to them since the scandal broke, with a family friend revealing, "Ruth and Bernie are appalled at their behavior. Ruth doted on those boys and their behavior is self-indulgent and inexcusable." Self-indulgent and inexcusable? That sounds familiar.
Tagged
Bernard Madoff
fraud
ponzi scheme
Ruth Madoff
sentencing
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Deer are all over New Jersey roads looking for sex, state officials warn
Mid-October through mid-December is deer mating season, which can be a danger to drivers as the sex-seeking creatures cross roadways throughout the Garden State.
By
Rosemary Misdary
Published Oct 16, 2026 at 4:22 p.m. ET
Man messaged 'I got straight poison' before giving NYC college students fentanyl, feds say
A transcript from an April court hearing sheds new light on what transpired at Fashion Institute of Technology.
By
Samantha Max
News
Man messaged 'I got straight poison' before giving NYC college students fentanyl, feds say
A transcript from an April court hearing sheds new light on what transpired at Fashion Institute of Technology.
By
Samantha Max
Inside the plan to fix the nearly collapsed Pfizer Building, 1/64th of an inch at a time
By
David Brand
School bus carrying autistic students got lost in Brooklyn for 4 hours last year
By
Jessica Gould
NYC’s bridges can last 'forever,' if we take care of them
By
Clayton Guse
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .