Madoff's wife withdrew $15.5M before his arrest

[Liberal_in_LA]

Madoff's wife withdrew $15.5M before his arrest

http://www.cnn.com/2009/CRIME/02/11/madoff.wife.withdrawals/index.html

NEW YORK (CNN) -- The wife of accused swindler Bernard Madoff pulled $15.5 million out of a Madoff-related brokerage firm in Massachusetts in the weeks before his arrest, authorities there disclosed Wednesday.

Bernard Madoff is under 24-hour house arrest in his Upper East Side luxury apartment.

The withdrawals by Ruth Madoff took place in November and December, according to a complaint filed by state regulators against Cohmad Securities, a firm they said was "intertwined" with Madoff's New York-based company.

The regulators say Cohmad has refused to provide information about its ties to Madoff, who is accused of running a Ponzi scheme that may have cost investors up to $50 billion.

Daily wire transaction reports show Cohmad was aware of transfers to and from Madoff-related accounts, the filing states.

"For example, the few reports produced by Cohmad show that Ruth Madoff withdrew $5.5 million on November 25, 2008 and withdrew $10 million on December 10, 2008," investigators said.

Bernard Madoff, 70, was arrested December 11 and is currently under house arrest in his Manhattan luxury apartment. He faces one charge of securities fraud in connection with an international scheme that has cost some investors their life savings and could face up to 20 years in prison and a $5 million fine if convicted.

In January, prosecutors tried to revoke his $10 million bail after he mailed more than $1 million worth of diamond-studded jewelry to friends and family, a move they said showed he was trying to move assets out of government hands. But a judge ruled Madoff was neither a danger to the community nor a flight risk

[spanone]

1. she needed some pocket change

[Fresh_Start]

2. or Christmas/holiday spending money! nt

nt

[DemReadingDU]

3. When that large amount of money is withdrawn, where does it go?

It says wire transfer.

Where is that money wired to? Another bank? Another fund?

edit
Another account in another country?

[Blue_Tires]

4. it's in the Caymans or wherever...

Enron all over again...

In a couple of months, after the cash has been hidden, I promise you Madoff and his lawyers will be crying hardship because he will at least on paper, be "broke"

[Booster]

5. And Madeoff will have a "heart attack" and join Ken Lay.

[Horse with no Name]

6. Yep.

Of that, I have no doubts.:(
And HIS widow will take the money and run--just like Lay's widow.

[earth mom]

7. No shame or remorse.

:puke: