Madoff's wife pulled out $15 million before his arrest

Wed Feb 11, 2009 6:11pm GMT
 
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By Svea Herbst-Bayliss and Martha Graybow

BOSTON/NEW YORK (Reuters) - The wife of Bernard Madoff withdrew more than $15 million from an account linked to the accused swindler in the days before his arrest, Massachusetts authorities said on Wednesday, adding a new layer of intrigue into the probe of the purported $50 billion scam.

Ruth Madoff pulled $10 million on December 10, the day before her husband was arrested and charged with running a global investment fraud, and $5.5 million on November 25, according to Massachusetts Secretary of State William Galvin.

Galvin did not file any charges against Ruth Madoff. The disclosure of her withdrawals came in reports produced by Cohmad Securities, a firm co-owned by Bernard Madoff that had funneled millions of dollars from its clients to Madoff.

Bernard Madoff, 70, is the only person charged so far in the alleged scam that has hit banks, charities, wealthy investors and celebrities worldwide.

Madoff told authorities he acted alone in confessing to the fraud, prosecutors have said.

Legal experts, however, have said they are skeptical that such a massive fraud could have been pulled off by one person.

Federal prosecutors, the U.S. Securities and Exchange Commission, various state authorities and a court-appointed trustee liquidating the Madoff firm are all investigating.

Lawyers for the Madoffs could not immediately be reached for comment on Wednesday.  Continued...

 
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