Police raided the headquarters of French bank BNP Paribas in Paris today as part of a probe into Bernie Madoff’s Ponzi scheme, a judicial source has told Reuters. A spokeswoman for the bank confirmed that police had requested it hand over documents.
Paribas reported had $500,000 of exposure to Madoff. The Paris prosecutor’s office last month launched a preliminary investigation to see if BNP Paribas provided misleading information about Madoff-linked investments.
As with the fraud charges against the Fairfield Greenwich Group, it seems authorities are finally cracking down on the financial professionals who enabled the giant fraud.
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