Broker ordered to appear at Madoff-related hearing

Secretary William F. Galvin today gained some leverage in his effort to compel Robert Jaffe to testify before the Massachusetts Securities Division in its investigation of disgraced investor Bernard L. Madoff.

In response to a lawsuit filed by Galvin, Suffolk Superior Court issued a summons and notice of hearing, requiring Jaffe to appear in court on Wednesday if he fails to appear at the Securities Division that morning for a deposition.

Jaffe missed a hearing two days ago. His spokesman said he was ill and that his lawyers had notified the Securities Division he would not appear.

Jaffe's lawyer, Stanley S. Arkin, said in a statement: "We have not had reasonable opportunity to appear in opposition. As Mr. Galvin knows, there was recently a change in counsel and we are getting up to speed as quickly as possible."

Jaffe is a broker for Cohmad Securities Corp., a New York firm that helped attract investors for Madoff’s funds. Madoff is alleged to have lost as much as $50 billion in client funds in a Ponzi scheme.
(By Beth Healy, Globe staff)