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Ruth Madoff's assets frozen

August 04, 2009|Times Wire Reports

Bernard Madoff's wife, Ruth, can't spend more than $100 on herself without telling the trustee liquidating her husband's investment business, a bankruptcy judge ruled.

An order freezing Ruth Madoff's assets and putting in place a monthly report on expenditures was signed Friday by U.S. Bankruptcy Judge Burton Lifland in Manhattan. The order applies to a $2.5-million settlement the U.S. government will give Ruth Madoff as part of a deal in her husband's criminal case.

Trustee Irving Picard sued Ruth Madoff last week, seeking the return of $44.8 million allegedly transferred to her from Bernard Madoff's firm over a six-year period.

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