Alleged Schemer's Wife Made Off With $15M Before Arrest

Ruth Madoff made two large withdrawals

Wednesday, Feb 11, 2009  |  Updated 3:30 PM EDT
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Bernard Madoff & His Victims

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Madoff's wife made off with $15 million, according to a report.

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The wife of disgraced investor Bernard Madoff withdrew more than $15 million before her husband was arrested in December, according to a report.

Ruth Madoff made separate withdrawals totalling $15.5 from a brokerage firm connected to her husband, the Wall Street Journal reported Wednesday.

A $10 million withdrawal on Dec. 10 followed a $5.5 million withdrawal on Nov. 25, according to Cohmad Securities documents obtained by the WSJ.

The Massachusetts firm was co-owned by Madoff, and is among the properties being investigated, the WSJ reported.

Madoff was arrested the day after his wife's second withdrawal, and is charged in connection with an alleged $50 billion Ponzi scheme.

Indictment Deadline Extended

Faced with a deadline to obtain a grand jury indictment, the government and lawyers for Madoff agreed Wednesday to a 30-day delay.

A federal magistrate judge approved the postponement Wednesday, when the government had faced a deadline to indict the Wall Street financier. The new deadline to bring an indictment was moved to March 13.

A message for comment left with Ira Sorkin, a lawyer for Madoff, was not immediately returned.

Rebekah Carmichael, a spokeswoman for prosecutors, said the office had no comment on the matter.

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