BOSTON — The wife of disgraced money manager Bernard Madoff withdrew more than $15 million from a firm co-owned by her husband — including $10 million on the day their children turned her husband over to authorities for overseeing an alleged $50 billion Ponzi scheme, the top securities regulator in Massachusetts said Wednesday.
Massachusetts Secretary of State William Galvin said Ruth Madoff, 67, withdrew $5.5 million on Nov. 25 and $10 million on Dec. 10 — the day before Bernard Madoff was arrested — from Cohmad Securities, a New York firm co-owned by her husband.
The secretary cited wire- transfer records produced by Cohmad as proof of the withdrawals. They came as Madoff’s scheme was unraveling as investors filed $7 billion worth of redemption requests.
They also appeared to follow what authorities consider a disturbing trend by the Madoffs to hide money that could be used to reimburse burned investors.
Prosecutors have already said investigators found 100 signed checks worth $173 million that Madoff was ready to send out to his closest family and friends at the time of his arrest in December.
During the Christmas holidays, Madoff sent more than $1 million in jewelry and heirlooms to family and friends.
“We’re not accusing her of anything wrong,” Galvin spokesman Brian McNiff said.
