Sify – Bernard Madoff, the long time Wall Street executive accused of cheating investors worldwide out of $50 billion, scrambled to find relatives or friends to guarantee his bond on Tuesday and keep him of jail.

Bernard L. Madoff and the $50-b fraud!

In Massachusetts, where the disgraced investor long cultivated a loyal group of wealthy individuals, the state’s chief securities regulator subpoenaed Bernard L. Madoff Investment Securities and Cohmad Securities Corp, a firm that marketed Madoff investment products.

Shock waves spread from Madoff scandal

The two firms must hand over the names and addresses of all local residents who let Madoff invest their money by December 29. They must also deliver notes, emails, meeting agendas related to investments made since 2000, William Galvin, the state’s Secretary of the Commonwealth, said on Tuesday.

In New York, Madoff, who was arrested last week, has not yet fully met the conditions of his $10 million bond, according to court papers. He must find three co-signers to guarantee the bond.

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West Palm Beach (HedgeCo.net)- William Galvin, Massachusetts’ top securities regulator has charged the hedge fund manager of the River Stream Fund with improperly soliciting investors.

The investigation also turned up a brokerage statement that showed the fund had $1,625 in its account in April. Regan had said he ran $15 million. The regulator said investors who entrusted their savings to Regan feared the money is now lost.

Investigators found River Stream client data thrown into a dumpster near an empty office where Regan said he worked. Wiliam Galvin, whose job includes protecting investors in Massachusetts, has waged aggressive campaigns against anyone caught trying to cheat investors.

Alex Akesson

Editor for HedgeCo.Net
Email: alex@hedgeco.net

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