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Topics: bernard madoff

Thursday, 12 February 2009

image for Madoff's Wife Carries Away Loot
Has Madoff Made Off With More Loot?

A Boston Newspaper reports that the wife of accused Wall Street swindler Bernard Madoff pulled $15 million in twenty-dollar bills 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 Mrs Madoff withdrew $5.5 million in tens and fives on November 25 and $10 million on December 10 according to reports produced by Cohmad Securities, a firm co-owned by her husband.

"We have witnesses that saw the little train of wheelbarrows full of cash weaving their way through traffic", stated one of Galvin's staff.

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.

For years, Cohmad Securities, partly owned by Madoff, received monthly payments from the financier for "professional services", "brokerage services" "Ten million dollar pest control bills" and "fees for account supervision," Galvin's office said.

The payments totaled $67 million and made up 84 percent of Cohmad's total income over the last eight years.

"Madoff had a Hummer that was stuffed with more $100 bills and was stuffed thicker than those WHO Christmas presents by the Grinch", stated one observer. "You could barely see the drivers head over the cash."

Meanwhile, police paying another raid on Madoff's apartment have discovered that what they've been seeing is a hologram.

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