As the saying goes, crime does not pay. The world was stunned to find out that financial investor Bernie Madoff was involved in the largest Ponzi scheme in December 2008. As a result, Madoff was sentenced to 150 years in prison while having to give up most of his family’s fortune.
Many have been wondering about his wife, Ruth Madoff, especially since Madoff passed away on April 14, 2021 while serving time for his crimes. There was tons of chatter around Ruth's alleged involvement, but she was never prosecuted for any crime. And now that the dust has somewhat settled, people have become even more interested in what she’s up to. Keep reading to get the scoop.
Ruth Madoff has been cooperating with trustees to help recoup money for her husband’s victims.
It’s tough being linked to a swindler. And while Ruth has always claimed that she was innocent of any involvement in the Ponzi scheme, there are many people who are still unsure.
After all, many think that there is no way you can be married to someone for so long and not know what they’ve been up to. Plus, she was working as a bookkeeper for him, according to Page Six.
But she still hasn’t allowed the rumors and speculation to get in her way of doing the right thing. According to CNBC, Ruth settled with trustee Irving Picard to recoup money for former investors.
The outlet shares that Ruth agreed to pay $250,000 in cash and give up $344,000 worth of trusts for two of her grandchildren.
While it may seem like a crushing blow to her finances, it’s reported that prosecutors came to an agreement with the Madoff family post-Bernie’s imprisonment that allowed federal marshals to sell their assets, while permitting Ruth Madoff to keep $2.5 million.
Since then, she has been living a quiet life far away from her lavish Upper East Side apartment. Page Six revealed that she is currently resides in Connecticut, after briefly living in Boca Raton, Fla.
Madoff’s sons Andrew and Mark have passed away.
Many people argue that the stress of Madoff’s imprisonment took a toll on his sons, Andrew and Mark, and ultimately led to their deaths.
Both Andrew and Mark worked as business managers for their father’s business, and their attachment to the company led people to believe that they had been involved in their father's crimes. However, they claim they had nothing to do with them.
In fact, Andrew wanted to tell his side of the story in a book that was set to detail the moment when he learned about his parents' attempted suicide and when his father admitted his crimes to the family, but the book was never released.
Fox Business reports that Mark died by suicide in December 2010, which many people believe to have been purely out of guilt. He left behind a wife, Stephanie Madoff Mack, and children, per the outlet.
Unfortunately, Andrew also passed away in September 2014 from cancer, leaving behind his fianceé and children.
Despite having lost her children and husband, Ruth continues to proclaim her innocence.