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SFO drops case against UK arm of Madoff scheme

The Serious Fraud Office has decided to take no action against Madoff Securities International, Bernard Madoff’s investment scheme or the firm’s directors due to insufficient evidence. 

In an update today, the SFO says it had completed its investigation into the firm and concluded that there was insufficient evidence to provide a realistic prospect of conviction against the company or its directors. 

It says: “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.” 

Last June Madoff was sentenced to a maximum of 150 years in prison after for committing a £40bn fraud. The 71-year-old was sentenced on 11 charges after tricking around 4,000 investors out of their money. Madoff’s lawyers had been looking for a 12 year sentence for the fraud, which saw investors place money into a scheme under the belief it was being invested in securities.


Henderson is leaning towards tilted trackers

Henderson New Star director of retail business development Stewart Cazier has revealed the firm is considering launching tilted trackers and he expects other fund firms to follow suit. He believes the retail distribution review will prompt investment companies to launch these products as clients will pay a fee for using a platform, meaning there is […]

Northern property is king

Property consultant King Sturge Financial Services and property developer Yorvale Capital have created a fund that invests in commercial properties in the northern region of the UK.

Sense of value

The year of the Olympics and the RDR is 2012. Are you ready? Time is ticking away before the RDR comes into force and advisers have to decide whether their business models are viable in a post-RDR world. Advisers have to ensure their practices are in the best possible shape and this shape comes in […]


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