The Securities and Exchange Commission unveiled conspiracy charges against brokerage firm Cohmad Securities and four individuals with securities fraud in association with Bernie Madoff’s Ponzi scheme, the Washington Post reports.
Cohmad is being charged as providing “feeder funds” into Madoff’s decades-long scam that defrauded thousands of investors out of billions of dollars.
Madoff, who faces sentencing today in a Manhattan court, claims to have acted alone. However, authorities doubt that claim, and are attempting to file charges against all members of the monumental conspiracy.
Madoff, who pleaded guilty to 11 charges on March 12, could face 150 years in prison for his role in the securities fraud, and may have to pay back as much as $171 billion, according to CNN.