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Mass.: Madoff's Wife Withdrew $10 Million Before His Arrest
By
Jen Chung
Published Feb 11, 2009
Modified Feb 11, 2009
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By
Jen Chung
Published Feb 11, 2009
Modified Feb 11, 2009
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The Massachusetts Secretary of State moved to revoke the license of a brokerage accused of raising money for Ponzi scheme maestro Bernard Madoff. Secretary William Galvin says firm Cohmad has not cooperated with an investigation—and the Boston Globe reports the complaint also alleges NYC social scene fixture "Ruth Madoff, Madoff's wife, maintained a brokerage account at Cohmad and withdrew $10 million on Dec. 10, the day before Madoff was arrested" (not to mention withdrawing $5.5 million in November). So that's how she's paying for his house arrest security! Galvin alleges that Cohmad and Madoff's firm were "deeply entwined"; read his complaint here (PDF). Today, Madoff prosecutors are supposed to seek an indictment or ask for a delay but Agence-France Press notes, "Prosecutors and the alleged fraudster's defense team already agreed in mid-January to a 30-day extension. Observers believe the same thing will happen Wednesday."
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Bernard Madoff
Cohmad
Massachusetts
ponzi scheme
Ruth Madoff
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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