Doc Mercer
EOG Master
Reuters
Madoff's wife pulled out $15 million before his arrest
Feb 11 2009 12:12PM EST
BOSTON (Reuters) - The wife of accused Wall Street swindler Bernard Madoff pulled $15 million out of a brokerage account only days before her husband was arrested, Massachusetts' top securities regulator said on Wednesday.
Secretary of State William Galvin said Ruth Madoff withdrew $5.5 million on November 25 and $10 million on December 10 according to reports produced by Cohmad Securities, a firm co-owned by her husband.
Madoff is accused of masterminding a $50 billion Ponzi scheme. He was arrested and charged with securities fraud on December 11. In a Ponzi scheme, early investors are paid with money from later investors.
For years, Cohmad Securities, partly owned by Madoff, received monthly payments from the financier for "professional services", "brokerage services" and "fees for account supervision," Galvin's office said.
Read more: http://www.portfolio.com/news-markets/national-news/reu...
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Madoff's wife pulled out $15 million before his arrest
Feb 11 2009 12:12PM EST
BOSTON (Reuters) - The wife of accused Wall Street swindler Bernard Madoff pulled $15 million out of a brokerage account only days before her husband was arrested, Massachusetts' top securities regulator said on Wednesday.
Secretary of State William Galvin said Ruth Madoff withdrew $5.5 million on November 25 and $10 million on December 10 according to reports produced by Cohmad Securities, a firm co-owned by her husband.
Madoff is accused of masterminding a $50 billion Ponzi scheme. He was arrested and charged with securities fraud on December 11. In a Ponzi scheme, early investors are paid with money from later investors.
For years, Cohmad Securities, partly owned by Madoff, received monthly payments from the financier for "professional services", "brokerage services" and "fees for account supervision," Galvin's office said.
Read more: http://www.portfolio.com/news-markets/national-news/reu...
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