Mass. court orders Madoff associate to testify

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A Superior Court judge has ordered an associate of alleged Ponzi scheme mastermind Bernard Madoff to testify before Massachusetts securities regulators after he failed to appear at previous hearings.

Lawyers for Robert Jaffe had argued that Secretary of State William Galvin's attorneys did not have the authority to require Jaffe to testify.

Superior Court Judge Stephen Neel on Monday ruled that Jaffe must comply with the subpoena by Feb. 6.

Galvin says Jaffe brought Massachusetts investors to Madoff and that those clients lost millions of dollars when his alleged $50 billion scheme collapsed.

Jaffe has said he had no knowledge of Madoff's actions and he was also a victim. His attorney, Stanley Arkin, said he was considering an appeal.

"We are going to evaluate today's ruling and are considering an appeal in this very important issue of fundamental law," said Jaffe spokesman Elliot Sloane.

Galvin said he's eager to move ahead with the investigation of Madoff's actions in Massachusetts. He said residents who lost money identified Jaffe as a conduit to Madoff.

"(Jaffe) has claimed he's a victim. If he's a victim he needs to tell us about it," Galvin said. "We know he was the person who brought investors to Mr. Madoff."

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