Spain is now investigating Fairfield Greenwich Group, Bernie Madoff’s biggest feeder arm. For some reason, this one seems more comical than threatening.
But here’s the current tally for FGG: The SEC’s looking into them, they are facing a class action suit, they have launched two lawsuits and are thinking about a third against the SEC. Busy times!
El Mundo (Note that Google’s translation is kind of rough): MADRID .- The Anti-Corruption Prosecutor has initiated an inquiry to clarify whether the entities that distributed counterfeit money Bernard Madoff in Spain knew about the fraud and are therefore likely to be accused of cooperation in the gigantic fraud network, the biggest scam Pyramidal history.
According to sources on Thursday confirmed the Prosecution to the world, the research is not only directed towards Andres Piedrahita, a partner at advisory firm Fairfield Greenwich, one of the largest funds Madoff distributed in Spain. “The research that goes against all the available funds,” said the sources. The most amount of money placed in the Spanish investors are fraudulent funds, in addition Piedrahita said, the fund Optimal Banif and private bank, a subsidiary of Santander.
The prosecution has opened the Anti-Corruption Prosecutor’s Office, said this source, limiting iran, according to move the investigation, the companies are being investigated. But in principle, the investigation is directed towards the main entities placed fraudulent funds among Spanish investors. Among the firms that sold the contaminated fund Fairfield Greenwich is represented in Spain by the Colombian Andres Piedrahita, and Santander, through Banif and Optimal. In fact, the investigation includes Anti these two entities, according to the sources confirmed yesterday. To carry out the investigation, the prosecutor in the case, Luis Pastor, acting in coordination with the SEC (the supervisor of the U.S. stock market), a body which had requested all information related to fraud in Spain. Given the huge documents to analyse, the chief anti-corruption prosecutor Antonio Salinas, plans to appoint another prosecutor in the coming days, according to the same sources.
See Also: Walter Noel’s Wife: We’re Not Rich