Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (288410)	11/2/2010 3:49:12 PM
From: Pogeu Mahone	Read Replies (2) \| Respond to of 306849

No crime here-s- Hub broker settles SEC’s Madoff charges By Jerry Kronenberg Tuesday, November 2, 2010 - Updated 15 hours ago E-mail Print (1) Comments Text size Share Buzz up!Bernard Madoff’s alleged Boston point man has settled with the U.S. Securities and Exchange Commission, partly consenting to a judgment claiming he “made material misrepresentations and omissions by referring hundreds of investors” to Madoff. Weston stockbroker Robert Jaffe has resolved claims that he “recklessly disregarded several material facts that (would) have raised serious questions” about Madoff. The SEC also settled with Jaffe’s former employer - alleged Madoff “feeder firm” Cohmad Securities - and two top Cohmad executives. Jaffe neither admitted nor denied guilt as part of the deal, but agreed “solely for purposes of the court’s later determination of monetary relief (that the SEC’s claims) are accepted as and deemed true by the court,” according to the agency. Jaffe also promised not to violate U.S. securities laws in the future. Additionally, he and the SEC agreed to set any monetary damages in the future. Authorities claim Jaffe, who ran Cohmad’s Boston office, connected many of Madoff’s Massachusetts victims to the scammer’s $65 billion Ponzi scheme. The SEC alleged that Jaffe put some $1 billion of clients’ money into Madoff’s hands over 15 years, netting “tens of millions of dollars” in commissions. However, Jaffe has denied knowing that Madoff was a crook, claiming that he and his family are actually some of the scammer’s biggest victims. Still, the SEC sued Jaffe in 2009 over his Madoff ties - a case a federal judge eventually threw out, ruling that regulators had failed to make even a “plausible” case. But the judge gave the SEC the right to refile an amended lawsuit against the stockbroker, something the agency did over the weekend. However, the new complaint used far milder language to describe Jaffe’s alleged misdeeds. Jaffe lawyer Stanley Arkin said that the SEC’s revised lawsuit only charged his client with “unintentional conduct.” (1) Comments \| Post / Read Comments Next Article in Business & Markets: Sales taxes could drop Advertisement