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."



We at the Gothamist network would like to express our heartfelt wishes to the people of Minnesota in the days after their tragic bridge collapse. We're not trying to discount the severity of the accident by making note of it in opposition to our usual -Ist lightheartedness - we just wanted to take a moment and recognize those affected last week.

