Thursday, February 12, 2009

Mr. Innocent’s takes the money

Ah yes, the rich and crooked – “The wife of accused Wall Street swindler Bernard Madoff pulled $15 million out of a brokerage account only days before her husband was arrested, Massachusetts' top securities regulator said on Wednesday. Secretary of State William Galvin said Ruth Madoff withdrew $5.5 million on November 25 and $10 million on December 10 according to reports produced by Cohmad Securities, a firm co-owned by her husband. Madoff is accused of masterminding a $50 billion Ponzi scheme. He was arrested and charged with securities fraud on December 11. In a Ponzi scheme, early investors are paid with money from later investors.” (Yahoo) I wonder who tipped them off.

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