Why Did Peter Madoff Transfer His Florida Home To His Wife?


Ah, Florida with its homestead laws… Last week we learned that Dick Fuld recently sold his Florida home to his wife for $100, and now we learn that Bernie’s brother Peter did the same back in late 2006. Is that suspicious? After all, that was about two years before his brother got busted. But.

CBS: According to federal documents, during this time the Securities and Exchange Commission was in the middle of what turned out to be a two year investigation into Madoff’s company, Bernard L. Madoff Investment Securities LLC, for “fraudulent activities.” The investigation began on Jan. 6, 2006…

An expert told CBS News that Peter Madoff would have almost certainly been aware of the SEC investigation at that time because he was the company’s chief compliance officer.

Of course, Peter claims he never knew anything. Ok.

Meanwhile, Ruth Madoff applied for a homestead exemption on the home in Florida, right around the same time!

Meanwhile, property records show Bernard Madoff’s Palm Beach mansion at 410 N. Lake Way has been in his wife’s name since it was purchased in March of 1994.

But, information obtained exclusively by CBS News reveals that it wasn’t until Dec. 10, 2006, that Ruth Madoff applied for homestead exemption. This was within weeks of when her sister-in-law Marion applied for the same exemption.

Now that timing is suspicious enough, but get this

CBS News has learned that on Sept. 18, 2008, about two months before Bernard Madoff’s arrest, Ruth reapplied for homestead exemption. Her request was granted just two weeks ago on January 12, 2009.

See Also:
Focus Turns To Madoff’s Brother, Peter