A series of events occurred this week relating to Bernard Madoff's Ponzi scheme. On February 1st, a federal district court dismissed, without prejudice, the SEC's fraud charges against Robert Jaffe and Cohmad Securities, a broker-dealer co-owned by Madoff and allegedly tied to his scheme. The court held that the SEC failed to adequately allege intent. The court, however, let stand the SEC's claims that Jaffe and Cohmad aided and abetted record-keeping violations. On February 2nd, the British Serious Fraud Office decided that it would not pursue charges against Madoff's British operations. 2 Decisions Reshape Inquiries Into Madoff Case. On February 2nd, another federal district court heard oral argument on the way that investor losses in Madoff's funds should be calculated, and the extent of SIPC coverage. In Court, Impassioned Challenges of Madoff Trustee's Plans.
Madoff-related developments
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