Madoff’s Wife withdrew $15 mln before his arrest

Ruth Madoff, the wife of Bernard Madoff, pulled out $5.5 million on November 25 and $10 million on December 10. Bernard Madoff was arrested on December 11, upon being accused of $50 billion Ponzi scheme fraud. Previously, the U.S. Securities and Exchange Commission had found evidence that she might have helped her husband track payments.

Cohmad Securities accepted periodic payments under “professional services” and “brokerage services” that amounted to $67 million. Secretary of State testified that he is making an effort to revoke Cohmad’s license as a broker issued by the state of Massachusetts. 

 Big banks, hedge funds, wealthy individuals and charities said they were victims of Madoff, who is charged with securities fraud. Ponzi scheme refers to the type of deceptions when the swindler takes money from new investors with a promise of high returns. The funds are used to pay off the earlier investors, and the latest investors lose their capital when the ruse comes to a halt.