How much can be recovered from Ruth Madoff?
Bernard Madoff has begun a 150-year prison sentence, but his wife has not been charged with any crime. That hasn't stopped trustee Irving Picard from suing her to recover $45 million, as reported by the AP.
Madoff lawyers say the move is unfair because she has already given up all the assets the trustee referenced in his suit. They note that the prosecution allowed her to keep up to $2.5 million in property. You get the idea that Picard thinks she has access to significant assets.
"While Madoff's crimes have left many investors impoverished and some charities decimated, Mrs. Madoff remains a person of substantial means," Picard claimed. "The inequity between Mrs. Madoff's continuing financial advantages and the economic distress of Madoff's customers compels the trustee to bring this action."
For more:
- here's the article
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