Madoff Victims Win $1.1M From Cohmad VP

Law360, New York (March 30, 2011, 6:12 PM EDT) -- A Financial Industry Regulatory Authority panel on Tuesday ordered a former Cohmad Securities Corp. vice president to pay a group of investors $1.1 million for getting them to buy into Bernard L. Madoff's Ponzi scheme despite knowing it was a sham.

Robert M. Jaffe, a Cohmad co-owner, cannot appeal the unanimous decision in favor of Turbo Investors LLC from the three-member FINRA panel. The arbitration award came far short of the $15 million investment, plus punitive damages, interest and attorneys’ fees, that Turbo had sought to...
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