Massachusetts seeks Madoff records

BOSTON (Reuters) - Massachusetts' top securities regulator ordered Bernard Madoff to turn over all records related to money he managed for state residents, as officials probe how the disgraced investor ran a $50 billion Ponzi scheme.

William Galvin, the state's Secretary of the Commonwealth, sent subpoenas to Madoff's Bernard L. Madoff Investment Securities and to Cohmad Securities Corp, a firm that marketed Madoff's investment products, on Monday and expects answers by December 29.

Galvin wants the New York-based firms to give him all names and addresses of Massachusetts-based investors and any notes, emails, meeting agendas and telephone records that relate to investments he made on their behalf from 2000.

Massachusetts sent its request five days after FBI agents arrested the 70-year old investor when he described his fraudulent operation. Galvin's office has already received complaints from a handful of Madoff's victims, officials said.

While the fallout is touching wealthy investors, banks and investment advisors around the world, the impact is especially deeply felt in Massachusetts, where Madoff made many connections with wealthy investors, officials said.

One is Carl Shapiro, who has been friends with Madoff for decades and bestowed much of his fortune on local hospitals including Beth Israel Deaconess Medical Center and the city's Museum of Fine Arts.

Meanwhile, in another connection for the state, Massachusetts Mutual Life Insurance Co said on Tuesday that it lost money on Madoff because one of its units, hedge fund group Tremont Holdings Inc, invested with him.

People familiar with Tremont said that its Rye Investment Management unit had virtually all of its assets invested with Madoff and lost roughly $3 billion.

(Reporting by Svea Herbst-Bayliss, editing by Gerald E. McCormick)