en.wikipedia.org/wiki/Ruth_Madoff
3 corrections found
a restored 1969 Rybovich sportfishing yacht ($800,000).
The March 13, 2009 financial filing valued Bernard Madoff's 1969 Rybovich fishing boat at about $2.2 million, not $800,000.
Full reasoning
The article attributes this value to the March 13, 2009 asset filing, but that filing says something different. In the filing, Bernard Madoff's statement of financial condition lists "Rybovich fishing boat ("Bull"), Palm Beach" at $2.2 million. The same filing separately lists Ruth Madoff's "Sitting Bull" boat in Montauk at $320,000 and a small boat/trailer at $25,000. In other words, the filing does not support an $800,000 value for the 1969 Rybovich boat; it values that boat at roughly $2.2 million. A contemporaneous Los Angeles Times report on the federal seizure of the same boat also described it as a 1969 Rybovich valued at $2.2 million.
2 sources
- Memorandum of Law in Support... SEC v. Madoff et al. (Statement of Financial Condition excerpt)
"Bernard Madoff owns the Rybovich fishing boat, FL and is estimated to be worth $2.2 million."
- Madoff's mansion, vintage yacht seized - Los Angeles Times
"Madoff’s 55-foot yacht named 'Bull,' a 1969 Rybovich valued at $2.2 million, was seized from a marina on Florida’s Atlantic coast."
he and his wife were worth up to $138 million, plus an estimated $700 million for the value of his business interest in Bernard L. Madoff Investment Securities LLC.
That March 2009 filing put the couple's total assets at about $823–$826 million, including a $700 million business interest, which implies roughly $123–$126 million outside the business—not $138 million.
Full reasoning
The cited March 13, 2009 financial filing does not support the article's "$138 million, plus $700 million" formulation. In the filing, Madoff's statement of financial condition lists total assets of $823 million to $826 million and separately lists Bernard Madoff's interest in BMIS at approximately $700 million. That means the non-BMIS assets implied by the filing are about $123 million to $126 million, not $138 million. ABC's contemporaneous report on the filing summarized the same numbers the same way: total assets of $823–$826 million, with $700 million of that being Madoff's ownership interest in the business. So the article overstates the non-business portion of the couple's assets by roughly $12–$15 million.
2 sources
- Memorandum of Law in Support... SEC v. Madoff et al. (Statement of Financial Condition excerpt)
The statement lists "Total Assets $823 to 826 million" and separately says "Bernard Madoff's interest in BMIS is estimated to be worth approximately $700 million."
- Court filing reveals Madoff's net worth at least $823 million - ABC News
"In all, the sworn statement ... listed total assets between $823 million and $826 million..." and included "Madoff's net ownership interest in his investment business: $700 million."
She is required to provide reports to Picard about her expenditures often, as to any purchase over $100, to ensure she does not have any hidden bank accounts.
The 2019 settlement required semi-annual accountings and disclosure of deposits or withdrawals over $500—not reports on every purchase over $100.
Full reasoning
The settlement agreement with Irving Picard sets out a much narrower reporting requirement than this sentence claims. The agreement says Ruth Madoff must provide an accounting to the trustee on a semi-annual basis (every six months). It further says each report must describe deposits or withdrawals exceeding $500. That is not the same as reporting purchases "often" or reporting "any purchase over $100." The article therefore misstates both the frequency and the threshold of the reporting obligation.
1 source
- 09-01391-smb Doc 52 Filed 05/03/19 (Ruth Madoff settlement motion and agreement)
The agreement states that Ruth Madoff shall provide an accounting to the Trustee "on a semi-annual basis (every six months)" and that each report shall include "a description and purpose of any deposits or withdrawals made therein exceeding $500."