Ruth Madoff Net Worth: Is She One of the Richest Business Woman?

You can read here about all the details related to Ruth Madoff Net Worth. Ruth Madoff (born May 18, 1941] 2) is the widow of Bernie Madoff, the convicted American financial fraudster who died in prison in April 2021 after serving a sentence for a criminal financial scheme. When her husband was arrested for fraud in 2008, the couple made suicidal attempts.

After her husband’s conviction and imprisonment, she lost access to all but $1–2 million of the $70 million in assets listed under her name. This was done by the government and the trustee for her husband’s company, Irving Picard.

Madoff was born to accountant father Saul (who passed away in 1999 at the age of 95) and housewife mother Sara Alpern who passed away in 1996 at the age of 92 in middle-class Laurelton, Queens and was raised in a religious Jewish household. Joan Roman is her only sibling.

She earned her undergraduate degree in psychology from Queens College in 1961 and her graduate degree in nutrition from New York University in 1992. Both institutions are located in the New York City borough of Queens.

Ruth Madoff Net Worth

Ruth Madoff net worth is estimated to be $ 2 million. Since her husband’s imprisonment, the government has taken possession of most of the Madoff family’s assets, including their penthouse on New York’s Upper East Side. Ruth Madoff was able to keep $2.5 million after prosecutors and their team came to an agreement in June 2009, just before Bernie Madoff was sentenced and the rest of the Madoffs’ assets were seized and sold.

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Ruth Madoff settled claims by the court-appointed trustee Picard liquidating her husband’s firm for former customers in May 2019 for a total of $594,000 ($250,000 in cash and $344,000 of trusts for two of her grandchildren).

Ruth Madoff Net Worth
Ruth Madoff Net Worth

Ruth Madoff settled for less than the $44.8 million Picard had originally demanded, despite his claims that she had lived a life of splendour off of her husband’s fraudulent earnings. Picard maintained at the settlement did not prove her knowledge or involvement in the fraud. Whenever she makes a purchase that costs more than $100, she must report it to Picard so that he can verify that she has no secret bank accounts.

Assets of Ruth Madoff

After spending two years in Boca Raton, Florida with her sister, Ruth Madoff relocated to one of her son Andrew’s homes in Old Greenwich, Connecticut, in 2012. After Andrew passed away in 2014, Ruth packed up their belongings and headed to Old Greenwich where she now resides in a one-bedroom condo. She has been living in a $4.4 million beachfront property in Old Greenwich with Susan Elkin her former daughter-in-law from Mark Madoff’s first marriage, since September 2020.

Personal Life of Ruth Madoff

She met her future husband, Bernie Madoff at Far Rockaway High School, where she was a student and the couple wed on November 28, 1959, when she was just 18 years old. Compared to Ruth, he was an old man by the age of three.

Mark (1964-2010) and Andrew (1966-2014) were their sons. Mark graduated from the University of Michigan in 1986 and Mark from the Wharton School at the University of Pennsylvania in 1988. Both of her sons predeceased her: Mark, by suicide, in 2010 and Andrew from lymphoma in 2014.

Ruth Madoff
Ruth Madoff

On the morning of December 11, 2010 exactly two years after his father’s arrest; Mark was found dead in his New York City apartment. The city coroner determined that suicide by hanging was the cause of death. She held the position of bookkeeper for her husband for a while.

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She served as a director for Bernard L. Madoff Investment Securities. Ruth claimed in an interview that she and her husband tried to commit suicide on Christmas Eve 2008, shortly after her husband’s arrest by federal authorities for financial fraud by taking “a bunch of pills” in a suicide pact.

But the next day they awoke and everything was different. A victim named Marcia FitzMaurice testified in court during Ruth Madoff’s husband’s 2009 sentencing, saying, “Your wife rightfully so has been vilified and shunned by her friends in the community.” Ruth Madoff tried to hide her identity after Bernard Madoff was sentenced to prison by doing things like dying her hair red.

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