Sunday, 22nd November 2009

 

23 June 2009 - Press Briefing

SEC accuses Madoff associates of fraud complicity

The Securities and Exchange Commission has for the first time alleged that swindler Bernard Madoff was not alone in planning and executing his $65bn (€46.9bn) fraud, accusing four of his associates of securities fraud, according to a report in The Daily Telegraph, London.

The quartet - including Robert Jaffe, the son-in-law of Carl Shapiro, Madoff’s largest individual investor - helped Madoff by tapping investors for his fund in exchange for generous pay-offs “while Madoff ruined the finances of countless investors”, the SEC claimed.

Other co-defendants in the SEC suit include California-based financier Stanley Chais, Maurice Cohn, chairman of stockbroker Cohmad Securities in which Madoff controlled a 15% stake, and his daughter Marcia.

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