Ruth Madoff Sued

Bernard and Ruth Madoff

Ruth Madoff, the wife of incarcerated ponzi schemer, Bernard Madoff, has been sued by a trustee, seeking $45 million dollars in damages, for defrauded investors.

Ruth Madoff, was allowed to keep $2.5 million as apart of a plea deal her husband struck with the federal government, in exchange for a confession.

However, that money is set to be wiped out via legal fees and judgments, from lawsuit after lawsuit, filed by fleeced investors. I think it is just desserts, as the Madoffs unlawfully lived lavishly off the proceeds of financial crimes. Investors should also sue Madoff's sons and their wives and ex-wives, who pocketed millions in fraud money.

Ruth Madoff sued for $45 million

Last Updated: July 29, 2009: 3:13 PM ET - Court-appointed trustee claims Ruth Madoff has $44.8 million and wants her to turn it over for victims. Her lawyer says suit is 'perplexing.'

NEW YORK (CNNMoney.com) -- Ruth Madoff, wife of imprisoned Ponzi schemer Bernard Madoff, was sued Wednesday by a court-appointed trustee seeking $45 million in funds to compensate victims.

Last month, federal authorities seized the Madoffs' assets but left Ruth Madoff with $2.5 million -- an amount they could not tie to her husband's massive and long-running Ponzi scheme.

But Irving Pickard, the trustee appointed by U.S. Bankruptcy Court in New York, said that Ruth received $44.8 million in "fraudulent" transfers during the six years leading up to the bankruptcy of her husband's investment firm.

"While Madoff's crimes have left many investors impoverished and some charities decimated, Mrs. Madoff remains a person of substantial means," Pickard wrote in the suit. "The inequity between Mrs. Madoff's continuing financial advantages and the economic distress of Madoff's customers compels the trustee to bring this action."

Ruth Madoff's lawyer described the trustee's lawsuit as "perplexing" and unwarranted...

http://money.cnn.com

ID Theft Ring Buys Their Own iTunes Music

An ID theft ring was arrested by the FBI for using stolen credit cards to purchase their own music recordings they uploaded to iTunes and Amazon. And? Quite a few Hollywood stars do this as well, sans the stolen credit cards, to inflate their sales. However, it does constitute fraud and chart rigging.

The ID theft ring collected $300,000 in this manner, in royalty checks from duped iTunes, who collaborated with the Feds on this case.

Criminal gang bought own music on iTunes and Amazon using stolen cards

June 11, 2009 - Amazon and iTunes, who were unaware of the fraud, paid royalties totalling $300,000. The Metropolitan Police and the FBI have caught an international criminal gang said to have made tens of thousands of pounds by buying their own records from Apple iTunes and Amazon with stolen credit cards.

The gang are alleged to have created several songs that they provided to an online American company, which uploaded them to be sold on the two internet sites.

It is believed that over four months from September last year the gang used 1,500 stolen or cloned British and American credit cards to buy songs worth $750,000 (£469,000).

Amazon and iTunes, which were unaware of the fraud, paid $300,000 in royalties. Six men and three women were arrested yesterday by 60 officers at addresses in London, Birmingham, Wolverhampton and Kent. A man in his forties, was arrested later.

They are all being held in custody on suspicion of conspiracy to commit fraud and money laundering.

A police source said: “We will not know why they did what they did until we have conducted all the interviews.” It is believed that one of the gang is a DJ and that he created the songs that were then bought...

Apple refused to comment on the story but it is believed that there is no standard fee for royalties and each deal is negotiated separately. The gang is said to have made 40 per cent from the royalties.

http://www.timesonline.co.uk