NEW YORK, June 27 (UPI) -- A federal judge in New York approved an agreement Friday that allows Ruth Madoff, wife of admitted swindler Bernard Madoff, to keep $2.5 million in assets.
Mrs. Madoff, who has not been charged with participating in her husband's Ponzi scheme, forfeits assets that could be worth as much as $80 million, The Wall Street Journal reported. U.S. District Judge Denny Chin also approved a forfeiture order against Bernard Madoff for $170 billion, although the government is likely to collect only a small fraction of that amount, the Journal said.
The couple's property included houses in Palm Beach, Fla., and Montauk, N.Y., and a Manhattan apartment. Madoff had asked that his wife keep property that is in her name, but she agreed Friday that the real estate, along with cars, boats and other possessions can be sold.
Madoff is scheduled to be sentenced Monday. Prosecutors have asked Chin for a 150-year sentence.
Ruth Madoff worked closely with her husband for decades in his investment business but says she was unaware he was running a Ponzi scheme until he admitted it to their sons in December.
