BOSTON (Reuters) — The wife of accused Wall Street swindler Bernard Madoff pulled $15 million out of a brokerage account only days before her husband was arrested, Massachusetts’ top securities regulator said Wednesday.
Secretary of State William Galvin said Ruth Madoff withdrew $5.5 million on Nov. 25 and $10 million on Dec. 10 according to reports produced by Cohmad Securities, a firm co-owned by her husband.
Madoff is accused of masterminding a $50 billion Ponzi scheme. He was arrested and charged with securities fraud on Dec. 11. In a Ponzi scheme, early investors are paid with money from later investors.