Minneapolis Mistress (No Longer) Kept With Madoff Money

Fortune did a big story on how Madoff was affecting Minneapolis. Writer Dave Kansas features a lot of characters but none more compelling than this lady who certainly had to work hard for her money.

Fortune via MinnPost: The losses have affected people of much smaller means. One woman had kept her ties to Madoff secret for more than a decade. She was a mistress of a rich and powerful man in the Twin Cities. After a chance meeting in a park, they began a relationship that lasted nearly 20 years and included a promise that he would always take care of her. Once every quarter, a check from a Swiss bank account that included the name of Madoff’s securities firm arrived in her mailbox.

She moved into a new apartment, got a nice car, and like many associated with Madoff, gave away some of the money to charities and favoured causes. She had a habit of reading the New York Times to keep track of the world she had intersected with in secret. Even after the man’s death a few years ago, the checks continued to arrive on schedule.

“Then one morning I pick up the Times, and there’s Bernie,” she recalls. “What’s he doing in the paper? I read the article and realised that my life was over.” Now she is struggling to find a way to survive, relying heavily on the generosity of friends. The check scheduled for the first week of January didn’t arrive, as she expected, and her car has been repossessed.

Any guesses on who the deceased Twin City sugar dad was?




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