Fortune reports that Bernard Madoff's mother Sylvia was registered as a broker-dealer in the 1960s. During that period, Ms. Madoff apparently did business through Gibraltar Securities, a firm registered in her name. In 1963, the SEC charged Gibraltar and more than forty other firms with having failed to file reports of their financial conditions. The following year, the SEC dismissed the case against Gibraltar and the other companies after those firms "requested withdrawal of their registration." The actual broker-dealer in the Madoff family may have been Bernard's father Ralph, who was described by a family friend as having been either a stockbroker or a customer's man.
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