Ruth Madoff sued for $45 million
Posted by ptenjoy on Tuesday, August 4, 2009
NEW YORK (CNNMoney.com) -- Ruth Madoff, wife of imprisoned Ponzi schemer Bernard Madoff, was sued Wednesday by a court-appointed trustee seeking $45 million in buy ed hardyfunds to compensate victims. Last month, federal authorities seized the Madoffs' assets but left Ruth Madoff with $2.5 million -- an amount they could not tie to her husband's massive and long-runningcheap ed hardy Ponzi scheme. But Irving Pickard, the trustee appointed by U.S. Bankruptcy Court in New York, said that Ruth received $44.8 million in "fraudulent" transfers during the six years leading up to the bankruptcy of her husband's investment firm. "While Madoff's crimes haveed hardy men accessories left many investors impoverished and some charities decimated, Mrs. Madoff remains a person of substantial means," Pickard wrote in the suit. "The inequity between Mrs. Madoff's continuing financial advantages and the economic distress of Madoff's customers compels the trustee to bring this action." Ruth Madoff's lawyer described the trustee's lawsuit as "perplexing" and unwarranted. "[T]he trustee is alleging that she should have to give up her remaining money even if she was completely unaware of her husband's crimes," Peter Chavkin of the firmcheap ed hardy Mintz Levin said in a statement. Ruth Madoff has not been charged with a crime, unlike her husband of 49 years, who pleaded guilty on March 12 to 11 federal counts for running a decades-long Ponzi scheme that is believed to have run into the billions of dollars. In fact, Bernard Madoff has been forced to forfeit property to comply with a $170 billion legal judgment. That figure is based on the amount of money the government saysed hardy t-shirts was handled by his firm since its founding in the 1960s. Bernard Madoff, 71, was sentenced to 150 years on June 29. He is incarcerated at the medium security Federal Correctional Institution Butner in North Carolina, north of Raleigh. His release date is Nov. 14, 2139. Judge Denny Chin of the U.S. District Court in Manhattan said he based the maximum sentence on the damage that Madoff inflicted on his thousands of victims. As in aed hardy belts classic Ponzi scheme, Madoff accepted funds from his investors and stole instead of investing it. He used fresh funds to make payments to other investors. 7.Can You Follow This? Suing A Tenant Over A Tweet While Horizon is going after Twitter user Amanda Bonnen for her Tweet, Twitter is going after Horizon, illustrating just how powerful social media can be. It likely doesn't help matters that Horizon Group Management's Jeffrey Michael told the Chicago Sun-Times that his company is a "sue-first, ed hardy men t-shirtsask-questions-later kind of an organization." That sort of disregard for a tenant is exactly the kind of fodder that would drive Twitter wild. And, sure enough, when the story broke yesterday, Google News and Techmeme both picked it up and a topic about it trended on Twitter. It's possible that Horizon Group Managementugg boots had never thought about implementing a social media strategy, but social media is certainly skewering the company now. The Chicago-based real estate firm claims in its lawsuit that Bonnen harmed its reputation by sending the Tweet out to her 20 or so followers. Bonnen's Twitter account has been shut down but,ed hardy caps according to Horizon, the Tweet that spurred the lawsuit read, "Who said sleeping in a moldy apartment was bad for you? Horizon realty thinks it's okay." In the suit, Horizon claims that Bonnen's Tweet "contained false and defamatory matter" concerning the management company. Further, the company claims, Bonnen's decisioned hardy women t-shirts to make public the "defamatory Tweet" allowed the false information to be distributed around the world and Horizon has been "greatly injured in its reputation as a landlord in Chicago." Actually, as other Twitter users have been quick to point out, Horizon is likely doing enough harm to its reputation by telling local newspapers that it sues first and asks questions later.
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