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SEC Loses Against Madoff Marketer
by Paula Schaap ,Senior Reporter , February 3, 2010

The Securities and Exchange Commission suffered a setback in its efforts to go after a firm that marketed Bernard Madoff’s investments.

A federal court judge dismissed most of the SEC’s complaint for securities fraud against Cohmad Securities and its principals Maurice Cohn, his daughter Marcia Cohn and Robert Jaffe.

The SEC had charged that Cohmad, the Cohns and Jaffe were part and parcel of the $65 billion Ponzi scheme that Madoff perpetuated for more than two decades.

But Judge Louis Stanton disagreed. Although Cohmad was in the same building as Madoff’s business, the judge said Madoff was able to pull the wool over his marketer’s eyes, just as he fooled investors and regulators.

“We are reviewing the order and will proceed accordingly,” a spokesman for the SEC told HedgeFund.net.
  
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POSTED BY Paula Schaap at 2/3/2010 12:44:54 PM
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