Robert Jaffe (stockbroker)
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Robert M. Jaffe | |
|---|---|
| Born | 1944 (age 81–82) |
| Occupation | stockbroker |
| Known for | associate of Bernard Madoff |
| Spouse | Ellen Shapiro |
| Relatives | Carl J. Shapiro (father-in-law) |
Robert M. Jaffe (born 1944) is an American stockbroker. He was a long-time associate of Ponzi schemer Bernard Madoff and promoted Madoff's fund to wealthy investors in Massachusetts and Florida.
He is vice president of Cohmad Securities Corporation.[1]
Jaffe is married to Ellen Shapiro, daughter of Boston philanthropist Carl J. Shapiro, the founder and former chairman of apparel company Kay Windsor Inc. and an early investor and close friend of Madoff. Jaffe reportedly convinced the elder Shapiro to invest $250 million with Madoff just ten days before Madoff's arrest.[2]
Cohmad Securities Corporation
Maurice "Sonny" Cohn owned 48% of Cohmad, and his daughter Marcia, who served as president and chief compliance officer, owned 25%. Madoff owned 15%. Mr. Madoff's brother Peter owned 9%, and Mr. Cohn's brother owned 1%, and another unnamed Cohmad employee owned 1%. [3] The brokerage firm lists its address as Madoff's firm's address in New York City.[1] Cohmad received $67 million in generated fees from Madoff investments, from 2000 to 2008.[4]
Bernard Madoff agent
A bon vivant and philanthropist, Jaffe "worked the Palm Beach, Florida circuit", and attracted many Palm Beach Country Club members as investors."[5] Jaffe brought in 150 accounts and more than $1 billion to Madoff. Madoff paid Jaffe directly through accounts he kept with Madoff at much higher returns than earned by other investors. Between 1996 and 2008, Jaffe withdrew at least $150 million, and the U.S. Securities and Exchange Commission (SEC) claims he was aware Madoff was engaged in fictitious trading.[3] Jaffe has said he received a commission of 1% to 2% from an investor's first profit, and he paid commissions to financial advisers who steered cash to Madoff's fund.[6][7]