Madoff's Wife Withdrew $15M Before His Arrest

Last-gasp grab at Ponzi loot by Madoff's spouse

Wednesday, Feb 11, 2009  |  Updated 3:01 PM CDT
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Bernard Madoff & His Victims

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Bernie Madoff's wife withdrew $15 million from accounts just before he turned himself in, according to a Massachusetts state official.

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BOSTON —  The wife of disgraced money manager Bernard Madoff withdrew $15 million from a firm co-owned by her husband -- including $10 million on the day before his arrest, said Massachusetts Secretary of State William Galvin today.

Ruth Madoff withdrew the money in two steps from Cohmad Securities Corp., the first in November and the second in December, said Galvin, the state's top securities regulator. Her husband turned himself in on Dec. 11 to face charges he swindled billions from investors.

Ruth Madoff could not immediately be reached for comment.

The discovery raises questions about whether there was a broader conspiracy behind Bernard Madoff's actions, Galvin said .

Galvin is also trying to stop Cohmad from doing business in Massachusetts because of its relationship with Madoff.

An associate of Madoff, Robert Jaffe, appeared last week before the Massachusetts Security Division. Galvin has described Jaffe as a registered agent and principal of Cohmad Securities.

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