Grand Forks Herald – The wife of disgraced money manager Bernard Madoff withdrew more than $15 million from a firm co-owned by her husband – including $10 million on the day their children turned her husband over to authorities for overseeing an alleged $50 billion Ponzi scheme, the top securities regulator in Massachusetts said Wednesday.

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Grand Forks Herald – From worrying about banks and a financial meltdown, investors are now wondering if they can trust the person investing their money.

In this year of shocks, investors were dealt another a little over a week ago. Someone considered one of the nation’s elite money managers, Bernard Madoff, reportedly confessed that he misled investors for years about the money they were making.

The $50 billion firm collapsed, allegedly wiping out funds of supposedly savvy investors – multimillionaires, colleges, foundations, brokerage firms and hedge funds. The clients, many of whom had done social gymnastics to get into his fund, may have nothing.

The situation serves as a reminder that investors need: Don’t take on a broker, adviser, money manager or hedge fund without thorough checking.

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