Business NEWS
Madoff wife Ruth Withdrew $15M Before His Arrest!
By Amarendra Bhushan for CEOWORLD Magazine Updated:February 11, 2009
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Ruth Madoff, the wife of disgraced money manager Bernard Madoff withdrew more than $15 million from a firm co-owned by her husband — including $10 million on the day before his arrest on charges he ran a $50 billion Ponzi scheme. Ruth Madoff, 67, withdrew $5.5 million on Nov. 25 and $10 million on Dec. 10 from Cohmad Securities Corp., a New York firm co-owned by her husband.
Madoff is free on a $10 million bond but confined to his Manhattan apartment. A source close to the case said the deadline for prosecutors to seek an indictment against the trader would be extended 30 days, the second such extension. Ruth Madoff, the co-author of a kosher cookbook, has drawn scrutiny from federal prosecutors who had tried unsuccessfully to have her husband’s bail revoked and jail him immediately. They said that the couple sent more than $1 million worth of valuables to relatives and friends in violation of a court order.
The victims identified so far have included ordinary people and Hollywood celebrities, along with large hedge funds, international banks and charities in the U.S., Europe and Asia.
Madoff was arrested after investigators said he confessed to his sons that he had swindled investors of a mammoth Ponzi scheme — early investors are paid with money raised from new investors.
The 70-year-old former Nasdaq stock market chairman remains confined to his Manhattan penthouse under house arrest.
Galvin made his disclosure in a complaint asking Massachusetts state regulators to stop Cohmad from doing business in Massachusetts because it failed to provide information to Galvin about its relationship with Madoff. Galvin said Cohmad officials have ignored subpoenas or given incomplete responses as part of the state’s probe of how Massachusetts investors lost money in the Madoff scheme.
An associate of Madoff, Robert Jaffe, appeared last week before officers of the Massachusetts Security Division, but officials declined to say what Jaffe discussed. Galvin has described Jaffe as a registered agent and principal of Cohmad, which is in the same New York City building as Madoff’s firm.
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