Mass. court orders Madoff associate to testify

Local Court News Posted on

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."

Legal News Media

Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.


American Bar Association – Start and Run a Law Firm – Starting a Law Firm

CPA Website Designs