A FINRA panel has put Robert M. Jaffe, an embattled former broker who worked with Ponzi scheme mastermind Bernard Madoff, on the hook to pay $1.1 million in compensatory damages to Turbo Investors LLC.
The decision comes after Turbo, a listed Madoff victim, first brought its claim to FINRA in September 2009 against Jaffe and his former employer, Cohmad Securities Corp., a New York-based broker-dealer. Respondents also named with Cohmad include the firm’s Chairman Maurice J. Cohn and Chief Operating Officer Marcia B. Cohn.
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