SFO: No action against Bernard Madoff
SFO: No action against Bernard Madoff
Also In The News
|
By Adam Leveridge
Michael Schumacher felt as though he was back in 1991 at the beginning of his formula one career, after completing his first day of testing for Mercedes GP. |  |
Tuesday, 02, Feb 2010 04:19
The Serious Fraud Office (SFO) has announced there will be no prosecutions in Britain in connection with the Bernard Madoff fraud case.
The SFO had been probing the British arm of Madoff's operations, Madoff Securities International, but said there was "insufficient evidence to provide a realistic prospect of conviction".
Madoff, the multi-billion dollar fraudster, is currently serving a 150 year sentence in the US after admitting defrauding thousands of investors.
In a statement on Tuesday, the Serious Fraud Office said: "The SFO continues to provide assistance to international partners in law enforcement on aspects of the continuing worldwide investigation and is continuing its own enquiries into wider aspects of the fraud which may give rise to offending in the UK."
The extent of the disgraced Wall Street financier's defrauding was exposed during the height of the economic crisis when investors collectively attempted to withdraw around $7 billion, but he was unable to produce the money.