Ruth Madoff, Bernie Madoff’s wife, Says Swindled Investors Shouldn’t Get Any of Her Cash

Boohoo, Ruth Madoff, the wife of scumbag extraordinaire Bernard Madoff, is crying about their precious money. Never mind that fact that her husband robbed thousands of investors to the tune of $50 billion, she’s scratching and kicking for the $62 million she supposedly squirreled away, saying that that doesn’t belong to them. The question I have is why hasn’t she been investigated for this mess?

Lawyers for accused swindler Bernie Madoff claim the money and a penthouse apartment are his wife’s, have nothing to do with any scheme and shouldn’t be subject to forfeiture, according to documents filed in Manhattan Federal Court.

“They maintain that some of the assets … are unrelated to the alleged Madoff fraud and only Ruth Madoff has a beneficial ownership interest in these assets,” wrote Manhattan Federal Judge Louis Stanton on Monday after reviewing the documents.

Bernie Madoff’s lawyers yesterday agreed to lift a freeze on some of the disgraced investment guru’s assets so that the trustee hunting for lost Madoff cash can pay back ripped-off customers. But the lawyers refused to let go of Ruth Madoff’s interest in the E. 64th St. apartment, valued at $7 million, as well as $45 million in municipal bonds controlled by Cohmad Securities and $17 million in a Wachovia account.

On Feb. 11, a Massachusetts state regulator revealed that Ruth Madoff withdrew some $15 million from a Cohmad Securities account in the weeks and days before her husband’s Dec. 11 arrest.

Cohmad is partially owned by Madoff and regulators claim he paid brokers who raised money for him through Cohmad. Over the past eight years, Madoff’s New York investment firm paid Cohmad $67 million, nearly 84% of the firm’s income over that period, Massachusetts regulators say. Source: NY Daily News

As you know, she has not been criminally charged in this financial debacle and it is being reported that federal regulators continue to probe others who may have been involved in this Ponzi scheme. You see, Mrs. Madoff doesn’t care one bit about the people her husband made penniless and her actions should not be taken lightly. She enjoyed the spoils of her husband’s actions and all their money should be taken away, much like what happened to that 90-year old man who had to go back to work after losing all his retirement savings at the hands of Bernie Madoff. Ruth Madoff is just being greedy and selfish. Why she isn’t charged with being an accessory to this crime is beyond me. Of course, she will claim complete ignorance in the matter.

Filed under: Bernard Madoff, Ponzi scheme, Rene-Thierry Magon de la Villehuchet, Ruth Madoff

Rene-Thierry Magon de la Villehuchet, Hedge Fund Manager, Whose Firm Lost $1.4B in Madoff Ponzi Scheme, Commits Suicide

They ought to add murder charges to the fraud charges scumbag Bernard Madoff is facing. The French business daily La Tribune has reported that Rene-Thierry Magon de la Villehuchet, a founder of the hedge fund Access International Advisors, was found dead early Tuesday in his office in Manhattan, after losing as much as $1.4 billion that had been invested with Bernard L. Madoff, the money manager who has been accused of running a $50 billion Ponzi scheme.

La Tribune reported that Mr. de la Villehuchet had been trying to recover the money that Access International raised in Europe and invested through Mr. Madoff’s business.

Luxalpha, a $1.4 billion Luxembourg-based fund sold across Europe, invested in Bernard L. Madoff Investment Securities. Access International last week called Mr. Madoff’s arrest a shocking development in a note to investors. Investors in the fund included a unit of Rothschild and several clients of the Swiss bank UBS.

UBS had been the custodian and administrator of the fund until this year when Access International took over. No one answered the phone at Access International’s New York office. UBS has stated that Mr. Madoff was not on the bank’s wealth management recommended list as a direct investment option but it produced and sold funds containing the investment manager’s products. UBS would establish fund of funds structures at clients’ requests. Source: NY Times

To echo the words of Jamaican superstar Buju Banton’s song, I will say of Mr. Madoff:

Murderer! Blood is on your shoulders
Kill I today you cannot kill I tomorrow
Murderer! Your insides must be hollow
How does it feel to take the life of another
Yes, you can hide from man but not your conscience
You eat the bread of sorrow
Drink the wine of violence
Allowed yourself to be conquered by the serpent
Why did you disobey the first commandment
Walk through the valley I fear no pestilence
God is my witness and He is my evidence
Lift up my eyes from wence cometh help
You will never escape this judgement

Of course, some parts of the lyrics are in patois, the broken language of Jamaica. The message is the same, Bernard Madoff is no better than a murderer for what he has done to these people.

Filed under: Access International Advisors, Bernard Madoff, Ponzi scheme, Rene-Thierry Magon de la Villehuchet, Suicide, UBS