So Where Did Madoff's Wife Get $70M?

Lawyers for scammed clients seek source of Ruth's fortune
By Rob Quinn,  Newser Staff
Posted Mar 4, 2009 7:30 AM CST
So Where Did Madoff's Wife Get $70M?
A home belonging to disgraced investment guru Bernard Madoff and his wife, Ruth Bernard Madoff, in Palm Beach, Fla.   (AP Photo/Jon Way)

Lawyers representing some of Bernie Madoff’s victims are stumped by his legal team's claim that $70 million of his wife’s assets have nothing to do with his scam, Reuters reports. So far Ruth Madoff—who hasn't been charged with a crime—hasn't had to detail the source of her millions. She had no official role in her husband's business and is known more for co-authoring a cookbook (which was far from a bestseller) than for Wall Street wizardry.

"What did she do to earn that money? I'm wondering what her explanation will be," said a partner at a firm representing some of Madoff's former clients. Another attorney called it "absurd" to suggest that the Madoffs "will be able to protect tens of millions of dollars taken from the many people they have left penniless," (More Bernard Madoff stories.)

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