Brazilians Finally Come Forward About Madoff Losses

Remember when we told you Bernie Madoff‘s Brazilian investors were keeping quiet about their losses? Well, that’s over.

Bloomberg: Brazilian investors lost “tens of millions” of dollars through banks that put money into Bernard Madoff‘s funds, Folha de S. Paulo reported, citing David Rosemberg, a lawyer at Orlando, Florida-based Broad and Cassel.

At least 15 individuals and financial advisers in Sao Paulo, Rio de Janeiro, and other Brazilian cities have contacted Rosemberg about their losses, the newspaper said. The clients invested in Banco Safra SA, Banco Santander SA, UBS AG and Fairfield Greenwich Group and didn’t know their money had been directed to Madoff’s funds, the newspaper said.

Safra’s office in Brazil told Folha it didn’t sell investments in Madoff’s funds, while it didn’t rule out its Brazilian clients investing in his funds through parts of the Safra Group outside the country. UBS Pactual told the newspaper it didn’t recommend the product to its Brazilian clients.

Fairfield Greenwich spokeswoman Bianca Haegler declined to comment, Folha said.

Hmmm, Noel niece Haegler is now a spokesperson? Last we saw her name was taken off of Fairfield Greenwich’s site and there was that little something about not being licensed to sell investment products in Brazil. Actively marketing offshore funds is also illegal in Brazil.

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