UK implicated in Madoff fraud
The ongoing investigations into the activities of Bernard Madoff, the convicted fraudster from the US, have now moved to the UK with a suggestion that the company's UK office was used as Madoff's "personal piggy bank". This is a severe blow to the UK regulatory system after being heavily implicated in the downfall of AIG with a suggestion that the company's London office was involved in a number of risky transactions, which eventually brought about the downfall of the insurance giant.
Slowly but surely more and more financial company collapses are being left at the door of the UK regulator despite apparently starting in the US. Initially the UK government had been very critical of the US regulatory environment but we have seen the tables turned full circle with a suggestion that the UK financial markets have been at the centre of many financial scandals over the last few months.
Investigators in the UK have found evidence that potentially billions of pounds were laundered through Madoff's London office and paid to third parties under the guise of director loans and salaries. It will be interesting to see what else the investigators uncover with regards to the Madoff UK branch, which is now central to the $65 billion fraud investigation.
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