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SEC charges Cohmad in Madoff scheme

Financial Law     updated  2009/06/30 08:33

The Securities and Exchange Commission on Monday charged that investment firm Cohmad Securities Corp. and its co-founders disregarded warning signals that Bernard Madoff was running a multibillion dollar fraud as it actively marketed securities for Madoff.

In a complaint filed with U.S. District Court for the Southern District of New York, the SEC charged Cohmad Chairman Maurice Cohn, Chief Operating Officer Marcia Cohn, and registered representative Robert Jaffe with actively marketing Madoff investment opportunities "while knowingly or recklessly disregarding facts indicating that Madoff was operating a fraud." In a separate complaint, the SEC also charged Calif.-based investment adviser Stanley Chais, who lost nearly $1 billion in funds steering investments to Madoff.

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