N.Y. firm charged in Madoff scheme

The Associated PressJune 23, 2009 

— Federal regulators on Monday charged a New York brokerage firm said to be secretly controlled by Bernard Madoff and a prominent California investment adviser with securities fraud, accusing them of funneling billions of dollars from investors into Madoff's Ponzi scheme.

The Securities and Exchange Commission announced civil fraud charges against Cohmad Securities Corp., its chairman, Maurice "Sonny" Cohn, his daughter, Chief Operating Officer Marcia Cohn, and vice president and broker Robert Jaffe. Named in a second SEC lawsuit was investment adviser Stanley Chais, a longtime Beverly Hills philanthropist, who allegedly oversaw three funds that invested all of their assets -- nearly $1 billion -- with Madoff.

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