Bernard Madoff's staff in Britain face charges

Epic swindler: Bernard Madoff

Epic swindler: Bernard Madoff

Some of Bernard Madoff’s employees in London could face criminal charges by the end of the year, a senior prosecutor said yesterday.

Madoff pleaded guilty in March to a global fraud of as much as £41billion and is serving a 150-year prison sentence.

Only two other people – his longtime deputy Frank DiPascali and accountant David Friehling – have so far been charged.

The London branch was used to launder money.

Richard Alderman, director of the Serious Fraud Office, said he could not disclose which of the 28 employees who worked at Madoff Securities International are under investigation.

‘I’m advised by the team that we can expect charges before the end of the year,’ he said.

He also said he would ‘look to see with our U.S. counterparts where it is most sensible for somebody to stand trial’.

The Serious Fraud Office is also investigating the Madoff feeder funds and their managers within its jurisdiction.

According to court documents, the London office traded for the personal accounts of Madoff and members of his immediate family.

The assets and bank accounts were used by the fraudster to buy luxury yachts, cars and furnishings for himself and members of the family.

The latest revelations follow news that Madoff’s sons Mark and Andrew, his brother Peter and niece Shana will be sued this week for $198million (£125million) by Irving Picard, the trustee winding down Bernard L. Madoff Investment Securities LLC in New York, to recover money for defrauded investors.

All four held executive positions in the firm. 


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