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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.

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