Madoff salesman Bob Jaffe, who is not popular in Palm Beach these days, blew off a meeting with the Massachusetts state securities regulators this morning. Judging by a statement given to the Wall Street Journal by his spokesman, his excuse appears to be that he’s sick.
Jaffe works for Cohmad Securities, which is owned by Bernie Madoff and his friend Sonny Cohn and is basically a subsidiary of Madoff’s larger brokerage firm.
WSJ: Cohmad has recently come under scrutiny of the Massachusetts Secretary of the Commonwealth, whose securities division has begun an investigation into Cohmad, saying the investigation is designed to protect Massachusetts investors.
The Secretary’s office had given Mr. Jaffe an extension last week, the Secretary’s office said, and it is now considering a court order or other measures to force Mr. Jaffe to testify.
A spokesman for the state said Mr. Jaffe was offered a new, two-day extension as long as Mr. Jaffe agreed to appear Thursday. The spokesman said Mr. Jaffe, who helped bring Palm Beach, Fla., investors to Mr. Madoff, refused to make such a guarantee.
A spokesman for Mr. Jaffe said Mr. Jaffe is under a “doctor’s care” and had notified the state. The spokesman said the state agreed to an adjournment.
We can certainly understand why Bob Jaffe might be feeling ill these days. The more likely reason for skipping the interview, however, is that he wants to avoid testifying multiple times in multiple venues. There is a good chance that the criminal investigation of the Madoff scam will soon extend outwards into the feeder funds and asset gatherers who cashed in on Madoff-related fees, and Bob Jaffe is almost certain to be a star witness.
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