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Firm with Madoff ties seeks information

Associated Press / March 6, 2009
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Cohmad Securities Corp., a firm facing the loss of its securities registration because of ties to Bernard Madoff, is asking for more details on what the state feels it has done wrong.

"The Massachusetts Securities Division's allegations and counts are so vague and ambiguous that Cohmad cannot frame a reasonable, informed response," Cohmad said in a motion filed Wednesday.

Secretary of State William Galvin called the firm a "feeder fund" for Madoff, a money manager accused of bilking clients in what authorities say he described as a $50 billion Ponzi scheme.

Galvin filed an administrative complaint in February, asking regulators to revoke Cohmad's securities registration for failing to provide information about its relationship with Madoff, who was a co-owner.

The complaint also seeks an accounting of all Massachusetts investors Cohmad referred to Madoff's company and all fees earned.

The motion stated the complaint follows a pattern of not explaining how Cohmad's activities violated "very broad provisions."

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