Ruth Madoff withdrew $15.5M

The wife of accused swindler Bernard Madoff withdrew $15.5 million from a brokerage account in the weeks before he was arrested.
FEB 12, 2009
The wife of accused swindler Bernard Madoff withdrew $15.5 million from a brokerage account in the weeks before he was arrested, The Wall Street Journal reported today. According to a complaint filed by Secretary of the Commonwealth of Massachusetts William Galvin yesterday, Ruth Madoff withdrew $5.5 million Nov. 25 and $10 million Dec. 10. Mr. Madoff on Dec. 11 was arrested and charged with conducting a $50 billion Ponzi scheme. He is the principal of New York-based Bernard L. Madoff Investment Securities LLC. Mr. Galvin discovered the withdrawals as part of his investigation into Cohmad Securities Corp., a New York-based brokerage firm partly owned by Mr. Madoff, according to the report. Mr. Galvin began investigating the firm on behalf of many state residents who said they were introduced to Mr. Madoff by representatives of Cohmad Securities. Mr. Galvin is trying to suspend the firm’s license.

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