Saturday, January 23, 2021

Meltdown Madoff

Section:

Madoff family finally relieved of their ill-gotten gains; victims now get back approximately 66% of their losses whilst Ruth Madoff goes shopping

 

Last week, what will hopefully be the final chapter of the sorry saga of the crimes of Bernard Madoff occurred with the retrieval of £17.8 million from the Ponzi schemer’s family’s late sons’ estates. The money, which will be redistributed to victims of the fraud, forms part of £9 billion or 66% of assets invested returned to victims of the £13.6 billion fraud.

 

A lawyer for the estates and families of Andrew and Mark Madoff, both of whom died in the wake of the scandal, told The New York Daily News:

 

“On behalf of the estates and families of Mark and Andrew Madoff, we are pleased to resolve all of the remaining civil claim. As we have stated from the outset, and as the facts have demonstrated, neither Mark nor Andrew was aware of Bernie Madoff’s heinous fraudulent scheme…. This settlement finally brings closure to Mark and Andrew’s families.”

 

Meanwhile, Ruth Madoff – whose luck plainly came in when she walked away with £1.9 million of her and her husband’s £62 million personal fortune in a deal with investigators immediately after the scheme was uncovered in 2008 – has been seen shopping in Old Greenwich, Connecticut in recent days. A resident, of spotting her, told The Steeple Times: “She now looks as if the weight of the world has been lifted from her shoulders” before adding: “It’s a shame it didn’t quite work out like that for so many others involved.”

 

Madoff – The Numbers

 

December 2008 – Bernie Madoff’s fraud is uncovered. Money lost by investors totals £13.6 billion ($17.5 billion, €15.4 billion or درهم64.3 billion).

 

Early 2009 – Madoff’s personal fortune of £62 million ($80 million, €70.5 million or درهم293.8 million) is seized. Ruth Madoff is allowed to retain £1.9 million ($2.5 million, €2.2 million or درهم9.2 million) of that sum.

 

June 2017 – Money returned to investors thus far totals £9 billion ($11.6 billion, €10.2 billion or درهم42.6 billion).

 

June 2017 – Money recovered from the estates of late sons of the Ponzi schemer revealed to total £17.8 million ($23 million, €15.7 million or درهم84.5 million) whilst money to be kept by the estates of late Mark and Andrew Madoff comes to £2.91 million ($3.75 million, €3.31 million or درهم13.77 million).

 

Pictured: Ruth Madoff shopping (left and top right); Mark, Andrew and Bernard Madoff pictured together in 2001 (bottom right).

 

The Steeple Times
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