BlogsToDieFor

Bernard Madoff‘s wife, Ruth Madoff, has been placed on a tight  allowance by the trustee liquidating her husband’s investment business.

An order freezing Ruth’s assets and putting in place a monthly report on expenditures was signed July 31st by a U.S. bankruptcy judge.

Ruth accepted the terms of the $2.5 million settlement the U.S. government will award to Ruth as part of a deal in her husband’s criminal case. Under this agreement, any purchase over $100 will have to be accepted by the trustee currently liquidating Big Bernie’s assets.

One of the trustee’s overlooking the case, Irving Picard, sued Mrs. Madoff on July 29, seeking the return of $44.9 million that was allegedly transferred to her from her husband’s firm over a six-year period. Ruth has agreed to report her expenses to the trustee monthly, and was approved to spend money on “reasonable” legal fees.

The complaint by the trustee also details a total of 111 wire transfers from Bernie’s company to Ruth’s personal bank accounts or to companies that the financier’s wife of 49 years invested in. Some of the money was used to pay Ruth’s credit card bill and to buy a yacht for her family’s use.

Poor Ruthy…..no $7 million Manhattan apartment, no pricey threads, and no more lavish living. Sounds like someone is not going to be enjoying her retirement!