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."





This guy is a small fry compared to the thieves and con artists in Washington.
Throw her ass in jail too. But you're right, IOM (as a gay mostly social liberal but fiscal conservative) I agree with you on the Washington con artists part. I think this whole bailout is one big ripoff fraud. I say keep our money, and let Darwin do his work on the business and financial world. If we go into a depression now (as opposed to 6 months from now) at least we will have saved this huge amount of money. A depression in inevitable at this point so might as well save the cash and let crooked businesses go under. After the depression the ones who did survive will be much stronger from lessons learned. I think some of the big bankers and financial firms who took our money and paid themselves bonuses for ruining their companies need to go to jail along with Madoff (and now his wife). If we give them more, it will just go to their offshore accounts as well and they will fly to Tahiti when the depression hits us here at home. It doesn't take a rocket scientist to see if they limit executive pay for only the elite executives, simply changing their titles will open the bonus door back up for them - suddenly no company will have any elite executives and will have a different corporate structure. Crooks and thieves. We need a rebellion in the worst way.
He belongs in Jail, he and his family have no shame at all. And the SEC and other agencies are not going after them. If this was a italian family then the govt would have arrested the whole family including their future grandchildren.