This post was archived from createpositivechange.org/. View the original on the Wayback Machine.
Category: Madoff
-
Ruth Madoff seeks to keep NY penthouse, $62M in assets
The wife of accused swindler Bernard Madoff is arguing that their $7 million Manhattan penthouse and an additional $62 million in assets belong to her.
In court papers filed Monday in U.S. District Court in Manhattan, Ruth Madoff and her lawyer claim that the Upper East Side apartment, $45 million in municipal bonds and $17 million more in a separate account, all belong to her, rather than to her husband, who was charged with a $50 billion scheme to defraud investors.
Hint: Click in map to explore connectionsStory continues below interactive map
Click to activate interactive map
(requires Java)MAP HINTS: Click expands a name. Control+Click centers map on a name. Solid lines are current relations. Dotted lines are former relations. For advanced tools choose Tools > Options from the menu at top. More help. Not seeing the maps? Please go here to check for the latest version of Java.The bonds, in a Cohmad Securities account held by Ruth Madoff, and about $17 million held by her in a Wachovia Bank account, “are unrelated to the fraud, according to the papers.
The papers were filed in connection with a U.S. District Court judge’s order Monday to partially lift a freeze on Madoff’s assets so that he could cooperate with a court-appointed trustee overseeing the liquidation of his firm to recover money for bilked investors.
To date, the trustee has said the Manhattan penthouse apartment and other properties in Montauk, N.Y. and Palm Beach, FL, which were used to secure Bernard Madoff’s bail, were off limits. But if there’s a conviction, those assets might be seized to help pay victims’ claims.
“We are looking at every member of the Madoff family,” David Sheen, an attorney representing the trustee said regarding the personal property.
Cohmad Securities, where Ruth Madoff says her account holds municipal bonds, had an office in Madoff’s headquarters in midtown Manhattan. The firm was part-owned by Bernard Madoff and has been alleged by the Massachusetts Securities Division to be a “feeder fund” to his investment firm.
Last month, Massachusetts regulators said Ruth Madoff withdrew $15.5 million from Cohmad Securities in November and December, including $10 million on the eve of her husband’s arrest for securities fraud.
She has not been charged with any wrongdoing, however, and is represented by the same attorney as her husband.
Bernard Madoff was arrested Dec. 11 and charged with securities fraud after authorities said that he confessed to his sons that he had carried out a Ponzi scheme for years, using new money from investors to pay off early investors, while issuing bogus statements claiming investment gains. He has been under house arrest in their Manhattan apartment.
Click here to sign up for the Muckety Newsletter
This post is tagged with: , Bernard L. Madoff, Bernard Madoff Investment Securities, Cohmad Securites, Madoff, Recent Stories, Ruth MadoffRead related stories: Madoff · Recent Stories
-
FCC pick Genachowski is longtime Obama friend, adviserMarch 4, 2009 at 6:04pm
He is a law school friend of Obama’s and a successful, high-tech entrepreneur who looks to expand broadband service to rural and underserved areas, and to promote an open Internet and diverse media ownership.
Ruth Madoff Seeks to Keep Ny Penthouse 62m in Assets
This post was archived from createpositivechange.org/. View the original on the Wayback Machine.
Sen Lautenbergs Family Sues Madoffs Brother
This post was archived from createpositivechange.org/. View the original on the Wayback Machine.
Stanfords Ties to Madoff Helped Sink Him
This post was archived from createpositivechange.org/. View the original on the Wayback Machine.
Muck Tracker Madoff Never Bought Stock
This post was archived from createpositivechange.org/. View the original on the Wayback Machine.
‘Bag Lady’ Penney spins Madoff losses into gold
The Bag Lady may get to keep her expensive jewelry and her West Palm Beach cottage after all.
Alexandra Penney, the former editor-in-chief of Self magazine who has written about her travails as a rich-girl victim of Bernard Madoff’s in a blog called The Bag Lady Papers may have found a path out of penury.
Hint: Click in map to explore connectionsStory continues below interactive map
Click to activate interactive map
(requires Java)MAP HINTS: Click expands a name. Control+Click centers map on a name. Solid lines are current relations. Dotted lines are former relations. For advanced tools choose Tools > Options from the menu at top. More help. Not seeing the maps? Please go here to check for the latest version of Java.Penny will receive “a nice sum of money” from Hyperion Books to write about her experience being swindled of her life savings by Madoff.
While her first-hand account of her financial devastation on Tina Brown’s Daily Beast website (”yesterday, I took my first subway ride in 30 years” ) exasperated some readers, it struck a chord with editors at Hyperion who apparently share some of her fears (”How am I going to iron those shirts [without Yolanda the maid] so I can still feel like a poor civilized person?”).
Hyperion Publisher Ellen Archer acknowledges that Penney’s blog resonated deeply with her.
“There are a lot of us, even those of us with paychecks, who are worried that we can end up on the streets,” Archer said. “Even those of us who haven’t invested with Bernie Madoff have taken a lot of financial hits and watching her navigate these difficult waters provides a lot of people with reassurance.”
To be fair to Penney, she does not pull any punches. She writes of growing up privileged – her mother was Greek royalty, her father was a Harvard lawyer – in “a WASPy Connecticut suburb.” But after leaving her husband, she says she made her own way, primarily by writing bestsellers such as How to Make Love to a Man.
Despite that success, she was haunted by the fear she would end up a bag lady on the streets – and after confiding that to a friend, got turned onto Madoff as a sort of financial insurance policy. Until the devastasting news of Madoff’s arrest on Dec. 11, that had seemed to be working for her. She was living as an artist with her own New York studio, doing the work she loved and, yes, diniing at the Four Seasons whenever she felt like it.
Now, thanks to her old network in publishing – and her resolve to go back to writing for a living – she may get to keep Yolanda the maid to iron all those shirts.
Click here to sign up for the Muckety Newsletter
This post is tagged with: Alexandra Penney, Bernard Madoff, Hyperion Books, Madoff, Recent Stories, Self magazineRead related stories: Madoff · Recent Stories1 Comments
-
There is a proverb in Japan that states “Nanakorobi Yaoki”.
Nana = Seven
Korubi = Fall Down
Ya = Eight
Oki = Stand Up
The proverb translates to, “Seven times down, eight times up”. It derives its origins from okiagari dolls, paper-mache toys than when knocked down, always return to an upright position. The dolls have no arms or legs and are also known as Daruma dolls.
Daruma (also known as Bodhidharma) was the first patriarch of Zen. He traveled from India to China in the sixth century. Legend has it that he sat in a cave meditating for nine years without moving, in order to obtain enlightenment. In the process, his legs withered to nothing and his hands shriveled away from lack of use. But he remained steadfast and seemed to get healthier with the passing years. Folklore suggests he finally died after vitally living eight hundred thirteen years.
The armless, legless Daruma dolls are weighted so they always pop up after being pushed down. They represent the resiliency and perseverance of Daruma. They stand for success after misfortune. Daruma dolls inspire you to rise no matter how many times you stumble or fall down. “Nana” in Japanese has a double meaning. It means “seven” but is also used to denote “many”.
So, “Nanakorobi Yaoki”, or “Seven times down, eight times up”, is a call to never give up. It is a celebration of your spirit, determination, and ability to not only land on your feet, but to also evolve, enjoy, and thrive.
Leave a Comment
-
Feds probe firms close to Rep. John MurthaFebruary 13, 2009 at 10:46am
Another possible pay-to-play arrangement appears to be unraveling under public scrutiny – this one involving Rep. John Murtha, the powerful defense appropriator from Pennsylvania.
Retired British Army Officer Commits Suicide Over Madoff Losses
This post was archived from createpositivechange.org/. View the original on the Wayback Machine.
Bag Lady Penney Spins Madoff Losses Into Book Deal
This post was archived from createpositivechange.org/. View the original on the Wayback Machine.
Ruth Madoff withdrew $15M before husband’s arrest
The wife of accused Wall Street swindler Bernard Madoff pulled millions out of a brokerage account only days before her husband was charged with securities fraud – including $10 million on the eve of his arrest, Massachusetts’ top securities regulator said Wednesday.
Massachusetts Secretary of State William Galvin said Ruth Madoff withdrew $5.5 million on Nov. 25 and $10 million on Dec. 10, according to reports produced by Cohmad Securities, a firm co-owned by her husband.
Hint: Click in map to explore connectionsStory continues below interactive map
Click to activate interactive map
(requires Java)MAP HINTS: Click expands a name. Control+Click centers map on a name. Solid lines are current relations. Dotted lines are former relations. For advanced tools choose Tools > Options from the menu at top. More help. Not seeing the maps? Please go here to check for the latest version of Java.Ruth Madoff’s role in her husband’s alleged $50 billion Ponzi scheme has been a subject of much debate. To date, she has not been charged with any crime, and though she currently lives with her husband, who is under house arrest in their Upper East Side penthouse, she can come and go as she pleases.
Attorney Ira Sorkin, who represents both Madoffs, has said the financier admitted to his wife and their two sons only on Dec. 10 that his multibillion-dollar hedge fund was an elaborate Ponzi scheme. The 70-year-old mogul was arrested and charged with securities fraud on Dec. 11. Madoff told authorities he acted alone in confessing to the fraud, prosecutors have said.
But the revelation of Ruth Madoff’s withdrawals raises fresh questions about what she knew and when she knew it.
The information about her withdrawals was made public today as part of a lawsuit that Calvin brought against Cohmad Securities in an effort to revoke its Massachusetts brokerage license.
For years, Cohmad Securities, partly owned by Madoff, was a major conduit into his Ponzi scheme and received monthly payments from him for “professional services”, “brokerage services” and “fees for account supervision,” Galvin’s office said.
The payments totaled $67 million and made up 84 percent of Cohmad’s total income over the last eight years, the documents show.
That sum does not include commissions paid to broker Robert M. Jaffe, according to the complaint, because Cohmad did not respond to requests for that information.
Jaffe – a member of the wealthy Shapiro clan, major philanthropic donors in Boston and Palm Beach, Fla. – appeared under subpoena before Massachusetts regulators last week, but invoked his rights under the Fifth Amendment, declining to answer questions about his business, Cohmad, or his connection to Madoff Investments, according to the complaint.
Click here to sign up for the Muckety Newsletter
This post is tagged with: Bernard Madoff, Cohmad Securities, Ira Sorkin, Madoff, Recent Stories, Robert Jaffew, Ruth MadoffRead related stories: Madoff · Recent Stories1 Comments
-
That’s right – follow the money – doesn’t it make you wonder how much money Ellen Jafee, wife of Robert Jaffee, withdrew in the days leading up to the Madoff confession? How about withdrawals by the wife of the head of Fairfield Securities in Conn?
Leave a Comment
-
Judd Gregg withdraws as commerce secretary nomineeFebruary 12, 2009 at 5:23pm
Republican Sen. Judd Gregg of New Hampshire withdrew his nomination as commerce secretary Thursday, citing “irresolvable conflicts” with President Barack Obama over his stimulus plan and handling of the 2010 census.
-
1 Comments
#1. Alison 03.03.2009
She does not deserve ANY of the money or properties unless she can prove beyond a shadow of doubt that it belongs to her and did not come from her husband or one of his numerous companies, which she probably can’t. of course she is one of the rich so normal rules do not apply.
If I had stolen lets say about $100,000.00 from my bosses and clients, would I be allowed to stay home? no my butt would be in jail so fast..
on the TV today, it was mentioned that Barack Obama is trying to get rid of prosperity… let me tell you prosperity is not 2% of the population making more money than they can EVER spend and the rest of us watching them complain about their lot in life. I am hopeful that his efforts will be successful but even if he fails, at least he tried to do something!! remember the last guy?!? seemed to spend most of his time with his head up his butt, telling everyone that thing were going well….
Leave a Comment