Massachusetts Secretary of the Commonwealth William Galvin told FOX Business Network Thursday that $45 million in bonds held by Bernard Madoff’s wife should be included in any assets used to repay victims of Madoff’s alleged Ponzi scheme.
Madoff and his attorney filed court papers on Monday seeking to have $62 million in cash and bonds held by Ruth Madoff separated from assets being liquidated by a court-appointed bankruptcy lawyer.
Ruth Madoff's $45 million in bonds is held at Cohmad Securities, a Massachusetts broker/deal firm partially owned by Bernard Madoff.
She is also seeking to separate $17 million in cash assets, as well as the couple’s $7 million Manhattan apartment.
Galvin, who is trying to shut down Cohmad, told FOX Business that “Madoff did not have independent income,” and that money belongs to victims of the alleged fraud..
“Anything she has should be subject to recovery for the victims,” Galvin said.
Meanwhile, Galvin’s office on Thursday filed a default motion against Cohmad for failing to cooperate with the investigation into Madoff’s dealings.
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