Arrow-right Camera
News >  Nation/World

Ruth Madoff settles with feds

NEW YORK – Ruth Madoff agreed Friday to give up her Manhattan penthouse apartment and Montauk, N.Y., home as well as pricey jewelry and other items to settle a government claim against her husband’s Ponzi scheme, court records show.

In an order signed Friday in federal district court in Manhattan, Judge Denny Chin ordered Bernard Madoff to forfeit $170 billion in assets to pay investors of his giant Ponzi scheme.

In return for settling with the government, Ruth Madoff will receive $2.5 million.

She must surrender more than $2 million in jewelry as well as the Manhattan penthouse and the home in Montauk.

In court papers filed late Friday, attorneys for the Madoffs and the government acknowledged prosecutors might not be able to show the proceeds of the Madoffs’ Ponzi scheme were used to purchase the real estate.

The documents show Bernard and Ruth Madoff have agreed with prosecutors to allow federal marshals to sell the couple’s interest in the properties.

A separate filing shows prosecutors have asked the court to impose a term of 150 years for Bernard Madoff or a “term of years that both would assure that Madoff would remain in prison for life and forcefully would promote general deterrence.”


Top stories in Nation/World

Unapologetic Trump digs in on immigration despite outrage

UPDATED: 8:21 p.m.

An unapologetic President Donald Trump defended his administration’s border-protection policies Monday in the face of rising national outrage over the forced separation of migrant children from their parents. Calling for tough action against illegal immigration, Trump declared the U.S. “will not be a migrant camp” on his watch.