Wife Withdrew Millions Before Madoff Arrest »
Posted By tehranchik 9 months, 2 weeks ago in Business & FinanceOn Dec. 10, the day before Bernard L. Madoff was arrested, his wife, Ruth, withdrew $10 million from a brokerage firm partly owned by her husband, according a state regulatory complaint filed in Boston.
It was her second withdrawal in less than three weeks — the first one, on Nov. 25, had been for $5.5 million, the complaint said.
Federal prosecutors have cited Dec. 10 as the day that Mr. Madoff confessed to his sons that he had been running a huge Ponzi scheme whose losses could approach $50 billion. After that midday conversation, the sons alerted law enforcement and Mr. Madoff was arrested the next morning.
Both withdrawals were made from Mrs. Madoff’s accounts at Cohmad Securities, a firm co-founded and partly owned by Mr. Madoff. Cohmad has been under investigation by William F. Galvin, the top securities regulator in Massachusetts, since shortly after Mr. Madoff’s arrest.
Ira Lee Sorkin, a lawyer for both Mr. and Mrs. Madoff, declined to comment on the transactions described in the complaint.
Nor would he say what happened to the money Mrs. Madoff withdrew. But early last month, she voluntarily submitted to the formal asset freeze imposed on her husband at the time of his arrest, and her personal finances are subject to subpoena in her husband’s case.
Read Full Story at nytimes.com »
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tehranchik
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