Whether Bernard Madoff’s Ponzi scheme could have violated foreign criminal laws, is the subject of this “Asset Search News Roundup”. The Serious Fraud Office of the United Kingdom’s criminal justice system has issued a press release stating that it is pursuing an investigation of Mr. Madoff.
Austria’s Financial Market Authority also announced in its press release, that it had taken control of one of Mr. Madoff’s largest investors– Bank Medici. This raises the possibility that Austrian criminal investigators have joined those now scrutinizing Mr. Madoff.
During my interview yesterday on Fox Business News, I mentioned that Mr. Madoff might have violated money laundering laws in foreign / offshore jurisdictions. This could be true for example, if Mr. Madoff used offshore bank accounts to conceal assets arising out of his Ponzi scheme.
Copyright 2009 Fred L. Abrams