The Madoff Chronicles: Inside the Secret World of Bernie and Ruth by Brian Ross
Authors: Brian Ross
Tags: General, Biography & Autobiography, Swindlers and Swindling, Business, Criminals & Outlaws, Ponzi Schemes, Commercial Crimes, Capitalists and Financiers
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high-rise condos were Jewish, intruding on this WASP stronghold.
In 1994, as business was booming and the threat of an SEC investigation had passed, Madoff paid $8 million for a waterfront home on the very fashionable Lake Way. He was one of the first Jewish homeowners in that part of town.
The house at 410 North Lake Way seems to attract the notorious. It was previously owned by Herbert “Peter” and Roxanne Pulitzer, whose sensational divorce trial included testimony about sexual escapades in the house involving three-way partnerships and a long list of other titillating details. One witness testified that Roxanne Pulitzer had séances on her bed with a trumpet nearby, and she was soon described by the New York tabloids as “the Strumpet with the Trumpet.” Bernie and Ruth couldn’t top that for sensationalism, but their infamy may prove to be more enduring.
The Madoffs joined the Palm Beach Country Club, whose membership was mostly Jewish. All members were major contributors to charities—it was one of the requirements for membership. On their 2007 federal tax return, the Madoffs reported more than $8 million in charitable contributions to a variety of organizations, although much of it was given to foundations established in the name of Bernard L. Madoff and his son Mark Madoff. In 2007, The Madoff Family Foundation had more than $19 million in assets and distributed only $95,000, less than 1 percent.
The Madoffs met their country club’s definition of being charitable, although in their case they were giving away other people’s money. Ruth Madoff often used the corporate platinum American Express card to make charitable contributions in smaller amounts.
Members of the Palm Beach Country Club remember Madoff acting like royalty at the clubhouse. To know him, and be accepted by him as an investor, was to be in the elite of the elite. Multimillionaires in the club said they were hesitant to approach him directly for fear of causing offense. Someone had to recommend you.
“It’s almost like you’ve got to grovel. ‘Come to me, I’m the king,’” said former FBI agent Brad Garrett. “That’s extremely important to people with antisocial personality problems. ‘You’re going to have to do what I say and maybe I’ll help you and maybe I won’t.’”
The Madoffs were members of several other golf country clubs, including the Atlantic Golf Club in Bridgehampton, New York. Investigators discovered that Bernie used clients’ money to pay $947,703 in country club dues for himself, his brother, Peter, and their wives between 1996 and 2008.
Bernie was considered an above average golfer, with a nine handicap, according to people who played with him regularly. Ruth was also above average and often played with Bernie, defying the belief of many golfers that love and golf don’t mix.
They enjoyed each other’s company. Some of Ruth’s most treasured memories are of weekends spent alone with Bernie in their New York apartment. This was not a couple who sought separate vacations or a little breathing room from each other.
“They were incredibly close,” said Eleanor. “I think they genuinely loved and liked each other. Which is huge, when you’re together for so long. They did everything together. He wanted to be with her. The movies, and dinners, even a quiet dinner at home.”
Still, according to former employees, Ruth was well aware that Bernie had a wandering eye.
She surprised him once at an industry cocktail party, where Bernie was “getting a little frisky” with another woman, recalls Little Rick. “Bernie’s there and Peter’s there and they’ve both got blondes next to them and who walks into the place—in dungarees and a T-shirt no less—but Ruth Madoff.
“She takes one look and she was out. There was no scene. She was a very sophisticated, very classy lady. Needless to say, after that day, everybody went to the industry dinner, all the wives, everybody.”
Little Rick says
In 1994, as business was booming and the threat of an SEC investigation had passed, Madoff paid $8 million for a waterfront home on the very fashionable Lake Way. He was one of the first Jewish homeowners in that part of town.
The house at 410 North Lake Way seems to attract the notorious. It was previously owned by Herbert “Peter” and Roxanne Pulitzer, whose sensational divorce trial included testimony about sexual escapades in the house involving three-way partnerships and a long list of other titillating details. One witness testified that Roxanne Pulitzer had séances on her bed with a trumpet nearby, and she was soon described by the New York tabloids as “the Strumpet with the Trumpet.” Bernie and Ruth couldn’t top that for sensationalism, but their infamy may prove to be more enduring.
The Madoffs joined the Palm Beach Country Club, whose membership was mostly Jewish. All members were major contributors to charities—it was one of the requirements for membership. On their 2007 federal tax return, the Madoffs reported more than $8 million in charitable contributions to a variety of organizations, although much of it was given to foundations established in the name of Bernard L. Madoff and his son Mark Madoff. In 2007, The Madoff Family Foundation had more than $19 million in assets and distributed only $95,000, less than 1 percent.
The Madoffs met their country club’s definition of being charitable, although in their case they were giving away other people’s money. Ruth Madoff often used the corporate platinum American Express card to make charitable contributions in smaller amounts.
Members of the Palm Beach Country Club remember Madoff acting like royalty at the clubhouse. To know him, and be accepted by him as an investor, was to be in the elite of the elite. Multimillionaires in the club said they were hesitant to approach him directly for fear of causing offense. Someone had to recommend you.
“It’s almost like you’ve got to grovel. ‘Come to me, I’m the king,’” said former FBI agent Brad Garrett. “That’s extremely important to people with antisocial personality problems. ‘You’re going to have to do what I say and maybe I’ll help you and maybe I won’t.’”
The Madoffs were members of several other golf country clubs, including the Atlantic Golf Club in Bridgehampton, New York. Investigators discovered that Bernie used clients’ money to pay $947,703 in country club dues for himself, his brother, Peter, and their wives between 1996 and 2008.
Bernie was considered an above average golfer, with a nine handicap, according to people who played with him regularly. Ruth was also above average and often played with Bernie, defying the belief of many golfers that love and golf don’t mix.
They enjoyed each other’s company. Some of Ruth’s most treasured memories are of weekends spent alone with Bernie in their New York apartment. This was not a couple who sought separate vacations or a little breathing room from each other.
“They were incredibly close,” said Eleanor. “I think they genuinely loved and liked each other. Which is huge, when you’re together for so long. They did everything together. He wanted to be with her. The movies, and dinners, even a quiet dinner at home.”
Still, according to former employees, Ruth was well aware that Bernie had a wandering eye.
She surprised him once at an industry cocktail party, where Bernie was “getting a little frisky” with another woman, recalls Little Rick. “Bernie’s there and Peter’s there and they’ve both got blondes next to them and who walks into the place—in dungarees and a T-shirt no less—but Ruth Madoff.
“She takes one look and she was out. There was no scene. She was a very sophisticated, very classy lady. Needless to say, after that day, everybody went to the industry dinner, all the wives, everybody.”
Little Rick says
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