Robert Jaffe, you may remember, steered lots of investors’s money to Madoff, particularly Carl Shapiro‘s, who lost $500+ million. This is a big deal in Massachusetts particularly because of all the money that’s now wiped out from local charities. Which is why it’s notable that Jaffe blew off a meeting with investigators this morning.
Boston Globe: Robert Jaffe, an associate of Bernard L. Madoff, a man accused of operating a $50 billion Ponzi scheme, did not appear at a scheduled meeting with the Massachusetts Securities Division this morning.
A spokesman for the securities division said of Jaffe (right): “He’s not coming. What happens next is to be determined.”
Jaffe had been issued a subpoena to meet with the division, which is supervised by Massachusetts Secretary of State William F. Galvin, to presumably discuss his knowledge about Madoff, the financier accused of operating a Ponzi scheme.
Most likely, Jaffe bailed because his lawyers advised him to do so. (He’ll want to testify only once, and others are no doubt likely to subpoena him). But if that’s the reason, it’s surprising that he just didn’t appear.