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Monday, November 30, 2009

Why are we not surprised? Madoff swindle victim says she and con man had an affair

ABC News/ Sheryl Weinstein

ABC News/ Sheryl Weinstein

When all your life's savings as well as your family's investments are wiped out with the exposure of Bernard Madoff's Ponzi scheme, you have to get creative to earn some cash quickly. That could be the thinking behind Sheryl Weinstein's upcoming book, “Madoff’s Other Secret: Love, Money, Bernie, and Me,” which will be published Aug. 25 by St. Martin’s Press.

Weinstein told Madoff's sentencing judge that she met Madoff 21 years ago when she was chief financial office at Hadassah, the Women's Zionist Organization of America Inc. At Madoff's June 29 sentencing hearing, the one that landed him a 150-year sentence for executing the largest Ponzi scheme in history, the certified public accountant called him a beast who “has fed upon us to satisfy his own needs. No matter how much he takes and from whom he takes, he is never satisfied. He is an equal opportunity destroyer.”

She also told the judge that she considers the day she met Madoff "the unluckiest day of my life because of the many events set into motion that would eventually have the most profound and devastating effect on me, my husband, my child, my parents, my in-laws and all of those who depended on us."

One of nine victims to testify at the hearing, Weinstein said she and her husband of 37 years, Ronald, were forced to sell their Upper East Side home and had "lost everything." Madoff, 71, was arrested in December and pleaded guilty in March to running a $65 billion Ponzi scheme, which paid new victims with funds "invested" by new clients. No funds were ever invested in anything but the Madoffs' luxurious lifestyle.

Weinstein spoke with the media on a few occasions about Madoff but never mentioned the affair. What other incentive to go public with an alleged affair could there be but to stir up enough interest in her ghost-written book (224 pages, $24) in the hopes it will be a Madoff tell-all many will want to read? It's hard to blame her, and it's difficult to know how we'd respond if someone we knew intimately had swindled us out of our families' present and future. So, is this a good kind of revenge?

[Source: Bloomberg]
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Comments 1-5 of 5
  • Ben's Avatar
    Posted by Ben Thu Aug 13, 2009 5:50pm PDT

    I am certain his other mistresses will coming out with a book soon. I don't feel bad for this woman nor for Madoff. They were both married and shouldn't have been intimate, their spouses trusted them and this is what they do with that trust. I feel for the children of this woman, to have their mom go public about an affair with another man, and then to have it be Madoff, instead of an A-Rod or Kobe, why with Madoff her children may be asking. Revenge? for who?

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  • Debra's Avatar
    Posted by Debra Thu Aug 13, 2009 6:54pm PDT

    As a victim of a smaller ponzi scheme, Westgate capital, I have also lost everything along with my family and friends. I had to take my children out of their home and move in with my parents. We are all struggling just to keep the one home and keep food on the table. Don't get me wrong, we know there are many people worse off and feel lucky to have a place to live, but it's tough especially since my parents are in their 70's and lost their entire life savings and pensions.

    This person was a childhood friend of my brothers and practically grew up in our house. He was like a son to my Father. We completely trusted him. It's such a betrayal to know someone who you considered family could lie to your face for so many years, even up to the last day. REVENGE?? Not sure it's about revenge.

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  • Sam's Avatar
    Posted by Sam Fri Aug 14, 2009 10:47pm PDT

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  • Sam's Avatar
    Posted by Sam Fri Aug 14, 2009 10:47pm PDT

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  • yaya's Avatar
    Posted by yaya Mon Aug 17, 2009 11:57am PDT

    If she can actually get someone to fund it (which she did) AND pay her money for reading it (which she will) I say go for it!

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