💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

No US charges expected against Ruth Madoff -reports

Published 07/01/2009, 04:19 PM
Updated 07/01/2009, 04:24 PM

NEW YORK, July 1 (Reuters) - Ruth Madoff, the wife of swindler Bernard Madoff, will not face criminal charges because of a lack of evidence she knew about his fraud, two newspapers reported on Wednesday.

The New York Post and the Wall Street Journal each cited two sources familiar with the probe as saying federal investigators did not have evidence of involvement by 68-year-old Ruth Madoff in the multibillion-dollar, decades-long fraud.

Bernard Madoff, 71, was sentenced to a 150-year term of imprisonment on Monday after pleading guilty in March to orchestrating a classic Ponzi scheme in which early investors are paid with money of new clients.

A spokeswoman for the Office of the U.S. Attorney in Manhattan, which prosecuted Madoff following his arrest last December, declined comment on the reports.

Ruth Madoff's lawyer could not immediately be reached for comment.

A law enforcement source said on Monday that 10 or more people could face criminal charges in the case over the next few months or longer, but declined to discuss who is the focus of the probe [ID: nN30439889].

Federal investigators were "closer to the beginning than the end" of the investigation into Wall Street's biggest investment fraud, the law enforcement source said.

Under an agreement with prosecutors made public on Friday night, Ruth Madoff agreed to forfeit any claims to $80 million in assets and was left with $2.5 million in cash. The deal does not rule out future criminal charges or civil charges by regulators.

Some of the defrauded investors have publicly stated their suspicions about the disgraced financier's wife of 45 years. She issued a statement after his sentencing saying she was sympathetic to those left in financial ruin.

"Like everyone else, I feel betrayed and confused," her statement said.

"To say that I feel devastated for the many whom my husband has destroyed is truly inadequate," she said. (Reporting by Grant McCool; Editing by Gary Hill)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.