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Madoff?s British Office will not be Charged in Connection to Scam

By Criminal Defense

The London-based office of convicted con artist Bernie Madoff will not be charged in the criminal investigation into a large investment scam resulting in billions of lost investments around the world. The United Kingdom Serious Fraud Office said their investigators have not produced enough evidence against the London branch of Madoff?s operation to “provide a realistic prospect of conviction,” . But the SFO also pointed out they will continue to investigate a handful of funds with outposts in Europe that invested with Madoff in the search of “wider aspects of the fraud.” In March 2009, the Manhattan-based investor pleaded guilty to one of the largest recorded Ponzi schemes in history. Madoff had used funds from new investors to pay off older investments in a vast pyramid-style scam that has resulted in $13 billion of lost investments, according to U...continue to full post

Full post as published by The Criminal Defense Blog on February 08, 2010 (boomark / email).