Madoff's Mother Tangled with the SEC
It must run in the family…
Accused Ponzi schemer Bernard Madoff was not the first person in his close-knit family to run afoul of federal authorities. A broker-dealer firm registered in the name of Madoff’s mother, Sylvia, was effectively forced to close by the U.S. Securities & Exchange Commission more than 40 years ago.
Then, in January 1964, the SEC dismissed administrative proceedings against a number of the firms, including Madoff’s, in what appeared to be a deal: No penalties if you promise to stay out of business.
….more of these kinds of things inevitably come out as these stories progress.
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