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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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