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Thread: SEC charges Madoff-linked firm, adviser with fraud

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    Default SEC charges Madoff-linked firm, adviser with fraud

    SEC charges Madoff-linked firm, adviser with fraud


    Jun 22, 8:25 PM (ET)

    By MARCY GORDON
    WASHINGTON (AP) - Federal regulators filed securities fraud charges Monday against a prominent California investment adviser and a New York brokerage firm said to be secretly controlled by Bernard Madoff, accusing them of funneling billions of dollars from investors into Madoff's Ponzi scheme.

    The Securities and Exchange Commission announced civil fraud charges against New York-based Cohmad Securities Corp., its chairman, Maurice "Sonny" Cohn, his daughter, Chief Operating Officer Marcia Cohn, and vice president and broker Robert Jaffe. Named in a second SEC lawsuit was investment adviser Stanley Chais, a longtime Beverly Hills philanthropist, who allegedly oversaw three funds that invested all of their assets - nearly $1 billion - with Madoff.

    While channeling billions in investor funds to Madoff, the associates together collected several hundred million dollars in fees from the now-disgraced money manager, the SEC alleged.

    http://apnews.myway.com/article/20090623/D99021PO0.html

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    I wonder if Robert Jaffe is related to Al Jaffe of the Mad fold ins.

    Hows that?

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    Quote Originally Posted by Whomever View Post
    SEC charges Madoff-linked firm, adviser with fraud


    Jun 22, 8:25 PM (ET)

    By MARCY GORDON
    WASHINGTON (AP) - Federal regulators filed securities fraud charges Monday against a prominent California investment adviser and a New York brokerage firm said to be secretly controlled by Bernard Madoff, accusing them of funneling billions of dollars from investors into Madoff's Ponzi scheme.

    The Securities and Exchange Commission announced civil fraud charges against New York-based Cohmad Securities Corp., its chairman, Maurice "Sonny" Cohn, his daughter, Chief Operating Officer Marcia Cohn, and vice president and broker Robert Jaffe. Named in a second SEC lawsuit was investment adviser Stanley Chais, a longtime Beverly Hills philanthropist, who allegedly oversaw three funds that invested all of their assets - nearly $1 billion - with Madoff.

    While channeling billions in investor funds to Madoff, the associates together collected several hundred million dollars in fees from the now-disgraced money manager, the SEC alleged.

    http://apnews.myway.com/article/20090623/D99021PO0.html
    Madoff is a Democrat. It figures
    McCain to Obama. "If you don't like our bill, send troops to help us."

    Obama, himself attempted to filibuster Justice Alito, who now sits on the Supreme Court.

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