Madoff Victim Says She Had Affair With Ponzi Schemer

Aug 13 2009 | 1:37pm ET

Poor Ruth Madoff simply can’t catch a break.

First, her husband gets caught running the largest financial fraud in history. Then, she’s forced to give up everything, including her homes, except for $2.5 million in pocket change, which the receiver in the Bernard Madoff case is going after, anyway. Now, she’s dealing with the revelation that her husband of 50 years cheated on her.

So says one of Madoff’s most virulent victims, Sheryl Weinstein, in her new book. Madoff’s Other Secret: Love, Money, Bernie, and Me will be published on Aug. 25. The ghost-written tome, which is “a fast read,” said a spokesman for the publisher, St. Martin’s Press, will detail the affair, including photographs and intimate descriptions of the Ponzi schemer extraordinaire, who was sentenced to 150 years in prison for his crimes earlier this year.

Readers desiring said intimate descriptions can pre-order the 224-page book on Amazon.com and barnesandnoble.com; the cover price in $23.99.

Since Madoff’s scam unraveled in December, few have been as vocal in attacking him as his alleged one-time paramour, Weinstein. The former CFO of Hadassah, the Women’s Zionist Organization of America, met Madoff 21 years ago; she and her husband, Ronald, say they lost everything when Madoff’s scheme went belly-up.

“He is a beast that has stolen for his own needs the livelihoods, savings, lives, hopes and dreams and futures of others,” she said at his sentencing hearing.

“He fed upon us to satisfy his own needs. No matter how much he takes and from whom he takes, he is never satisfied,” she continued, in a line than can now be parsed 1,000 ways. “He is an equal-opportunity destroyer.”

Neither Madoff, who is imprisoned at a federal prison camp in North Carolina, nor his wife have spoken out about Weinstein’s revelations, but his lawyer, Ira Sorkin, said “she’s entitled to her free speech, I suppose.”

“Why one would go public with something like that, I don’t know,” Sorkin told Bloomberg News, ignoring for whatever reason the obvious financial interest in such a salacious book for a woman who lost a ton of money in his client’s fraud. “She’s entitled to say anything that might be deemed derogatory about herself.”


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...