Madoff’s British arm, Madoff Securities International Ltd, was housed in a small office in London’s hedge fun hot spot, the Mayfair neighbourhood, and was a separate entity than his domestic practice. It employed 28 people, 14 of which were traders.
Last January it was reported that Madoff moved $160 million of his own assets to the firm in 2007. In March, the Office announced that they thought the London practice played a big role in Madoff’s Ponzi scheme.
But in yesterday’s statement, they said they had uncovered “insufficient evidence to provide a realistic prospect of conviction” against the jailed financier.
That seems a bit surprising — we guess we won’t see any similar “we really messed this one up” report from the “Serious Fraud” office like we did from the SEC.
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