Ruth Madoff has retreated to a $9.4 million beachside estate in Palm Beach, Florida that the feds will be nearly powerless to seize from her. Ruth will spend her golden years juggling court battles, sun tanning sessions and late-night wine-infused giggles from reading the sob stories of the people she helped swindle.
According federal prosecutors, most of the Madoff fortune will be confiscated leaving Ruth with nothing much left to live on ... except that Ruth recently declared their Palm Beach home to be her primary residence and Florida law protects homes from being seized to pay off creditors or the government.
Prosecutors are in the process of seizing the Madoff's $7 million Manhattan penthouse, and they will try to go after the Palm Beach home, as well as homes France and New York's Long Island, a 2007 BMW as well as three other vehicles and $62.0 million in funds deposited in her name.
There isn't a chance in hell that Ruth did not know and did not actively participate in her husband's scheme. In addition to the curious $15.5 million withdrawal she made weeks prior to Bernie's self-arrest, she has hired lawyers in her attempt to defend $70 million dollars worth of property and assets she claims her husband "gave" to her as gifts.
"Bernie and I worked together in the investment business he founded in 1960.", but according to Ruth, said she owns a Manhattan apartment, $45 million in bonds, and $17 million in cash that are “unrelated” to her husband’s alleged Ponzi scheme.
"She's even more of a repulsive sociopath than Bernie," Madoff victim and bestselling author Alexandra Penney said in a rant on the Daily Beast.
We couldn't agree more.