Ruth Madoff is widely known for holding a senior position at Bernard L. Madoff Investment Securities – the company her husband Bernard Madoff used to defraud his investors billions of dollars. To date, this remains the largest Ponzi scheme ever used in American history. Bernie was convicted of financial fraud and sentenced to 150 years in prison.
After her husband’s treacherous act, Ruthund Bernie were a source of inspiration for a number of filmmakers who produced TV shows and films based on her true life story, of which the series is a part. Madoff and the Movies, Blue Jasmine and The Wizard of Lies . Below are fascinating facts about the notorious American scammer’s wife.
Ruth Madoff’s biography
It was on May 18, 1941 that Ruth Madoff was born in Queens, New York, USA. She was born into a Jewish family and has one sibling, her sister Joan Roman. Ruth Madoff attended Far Rockaway High School before completing her tertiary education at Queens College. Later in 2011, she earned her Masters of Science in Nutrition from New York University.
Regarding her personal life, Ruth first met Bernie Madoff at Far Rockaway High School. The duo dated well before exchanging vows on November 28, 1959 when Ruth Madoff was 18 years old. On March 11, 1964, the couple had their first son, Mark Madoff, and Ruth gave birth to another son, Andrew Madoff, two years later.
Sadly, Mark was found dead on December 11, 2010 in his New York dorm after a medical exam reportedly committed suicide. Her son’s other, Andrew, also died of cancer in 2014. He was married to Deborah West and had three children.
However, his dastardly act was considered to be the highest fraudulent act ever committed in American history after an estimated $18 billion was swindled from his clients, resulting in the deaths of many. After his sons clarified the truth about his business, Bernie Madoff’s dirty dealings were disclosed to the authorities by his sons. In light of this revelation, Ruth Madoff’s husband had to face the wrath of his actions when he was arrested in 2008. After his guilty plea, he was handed a very long sentence of 150 years in Butner Federal Penitentiary in North Carolina.
Ruth has come out to deny that she wasn’t aware of her husband’s fraudulent business, which seems hard for the cheated clients to believe that she has been married to Bernie Madoff for nearly six decades.
Wealth (income and earnings)
Prior to Bernie Madoff’s arrest, Ruth and her husband had a staggering net worth of approximately $138 million, in addition to the financial value of Bernard L. Madoff Investment Securities LLC’s stake in the company, which was valued at $700 million. They also owned $17 million in cash, a beautiful $7 million leopard watch, $2.6 million in jewelry, a Manhattan apartment worth about $7 million, an exotic home in Palm Beach in the Value of $11 million and other assets.
At Madoff’s arrest, his possessions and assets were being withheld by the government to raise funds to help settle Madoff’s betrayed clients. In addition, the US government realized $23 million from the auction of Mark and Andrew’s estates.
However, it was reported that Bernie was previously sentenced to jail, so he settled with prosecutors to give them most of his fortune in exchange for paying his wife $2.5 million.
Where is Bernie Madoff’s wife now?
Most of her family fortune from Bernie Madoff’s wife decided to stay with her sister in Boca Raton, Florida. After two years she moved to Old Greenwich to live with her son Andrew. Ruth stayed with Andrew and her grandchildren for two years before he died in 2014. After Andrew’s death, Ruth Madoff moved to where she now resides in a complex apartment building in Old Greenwich called The Gables.