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Wikking
March 22nd 09, 10:20 AM
What the hell does invested with Madoff via UBS mean exactly???

France opens Madoff inquiries
12 hours ago

PARIS (AFP) — Two new preliminary inquiries linked to Wall Street
fraudster Bernard Madoff have been opened in Paris, bringing the
number of investigations in France to three, the public prosecutor's
office said Saturday.

The first inquiry was initiated in January following a complaint by a
66-year-old Parisian woman who indirectly invested 540,000 euros
(730,000 dollars) with Madoff via Swiss bank UBS in Luxembourg.

Since then, two new complaints have been received from people who said
they were also victims.

Madoff, 70, faces a sentence of up to 150 years for fraud, money
laundering, perjury and theft in the United States.

http://www.google.com/hostednews/afp/article/ALeqM5gxUnV87df3hiesUdR9vUPqYcKJfA

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PeterL
March 22nd 09, 06:32 PM
On Mar 22, 3:20*am, Wikking > wrote:
> What the hell does invested with Madoff via UBS mean exactly???

It means you invested money with UBS as your financial advisor, and
UBS in turn put your money with Madoff without you knowing about it.


>
> France opens Madoff inquiries
> 12 hours ago
>
> PARIS (AFP) Two new preliminary inquiries linked to Wall Street
> fraudster Bernard Madoff have been opened in Paris, bringing the
> number of investigations in France to three, the public prosecutor's
> office said Saturday.
>
> The first inquiry was initiated in January following a complaint by a
> 66-year-old Parisian woman who indirectly invested 540,000 euros
> (730,000 dollars) with Madoff via Swiss bank UBS in Luxembourg.
>
> Since then, two new complaints have been received from people who said
> they were also victims.
>
> Madoff, 70, faces a sentence of up to 150 years for fraud, money
> laundering, perjury and theft in the United States.
>
> http://www.google.com/hostednews/afp/article/ALeqM5gxUnV87df3hiesUdR9...
>
> --
>
>
>
> }(:- Hide quoted text -
>
> - Show quoted text -

Wikking
March 22nd 09, 10:30 PM
PeterL wrote:
> On Mar 22, 3:20 am, Wikking > wrote:
>> What the hell does invested with Madoff via UBS mean exactly???
>
> It means you invested money with UBS as your financial advisor, and
> UBS in turn put your money with Madoff without you knowing about it.

Wow. If that was true that would kill UBS. I honestly don't believe
they invested in people like Madoff. Crazy Equity Swap Derivatives
yes, but loony old men like Madogg no.

>
>
>> France opens Madoff inquiries
>> 12 hours ago
>>
>> PARIS (AFP) Two new preliminary inquiries linked to Wall Street
>> fraudster Bernard Madoff have been opened in Paris, bringing the
>> number of investigations in France to three, the public prosecutor's
>> office said Saturday.
>>
>> The first inquiry was initiated in January following a complaint by a
>> 66-year-old Parisian woman who indirectly invested 540,000 euros
>> (730,000 dollars) with Madoff via Swiss bank UBS in Luxembourg.
>>
>> Since then, two new complaints have been received from people who said
>> they were also victims.
>>
>> Madoff, 70, faces a sentence of up to 150 years for fraud, money
>> laundering, perjury and theft in the United States.
>>
>> http://www.google.com/hostednews/afp/article/ALeqM5gxUnV87df3hiesUdR9...
>>
>> --
>>
>>
>>
>> }(:- Hide quoted text -
>>
>> - Show quoted text -
>


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Wikking
March 29th 09, 11:20 AM
Hunt for Madoff funds reaches Isle of Man’s shoresBY ANTHONY M.
DESTEFANO |
10:07 PM EDT, March 28, 2009
On the rugged Isle of Man, smack in the middle of the Irish Sea, the
Tourist Trophy is the big annual motorcycle race around the 30-mile
long land mass.

But now investigators appear to be in involved in a different kind of
quest: to see whether they can find out what happened with some of the
money that went through swindler Bernard Madoff's Ponzi scheme.

Located in the Irish Sea between Belfast and Liverpool, the windswept
Isle of Man is not part of the United Kingdom but rather a possession
of the English monarchy. Over the years, the island, much like the
Channel Islands, has developed into a center for offshore financial
services.

According to records filed in Manhattan Federal Court, Madoff's London
operation, Madoff Securities International Ltd., used Fairbairn
Private Bank to handle some of its accounts. The documents, filed by
special trustee Irving Picard who is handling the U.S. bankruptcy
proceedings of Madoff's business empire, didn't suggest that Fairbairn
itself was involved in anything improper.

Complete coverage: Bernard Madoff fraud case Picard is trying to
locate assets of Madoff customers and has been looking in several
foreign jurisdictions for leads -- tracing money that flowed through
Madoff bank accounts. In addition to London, Picard is also involved
in litigation in Gibraltar, where as much as $75 million in funds have
been located, according to investigators. Picard also has hired
attorneys in Ireland where litigants are reportedly battling over tens
of millions of dollars in investments.

A spokeswoman for Fairbairn said last week the bank would neither
confirm nor deny whether Madoff was a client or if any investigators
had contacted banking officials. A source familiar with the U.S.
investigation who didn't want to be named said it was expected that
Picard would be taking legal steps soon to see how much of Madoff's
money passed through the Isle of Man.

While offshore banks are generally protective of their clients, Picard
appears to be in a unique legal position. Last week, a Manhattan
federal judge granted Picard the right to control the stock of
Madoff's London company, something that effectively puts Picard in the
position of being the customer of any private bank where MSIL had
accounts -- and in a position to ask for account information -- said
one legal expert.

There have been various reports about how much money flowed back and
forth to Madoff's London company. Picard has said in court filings,
which were also given to a British judge in London's High Court, that
a total of about $220 million went in and out of the London office in
2008, with $80 million being wired from London to New York on Dec. 2,
about a week before Madoff was arrested.

One aspect of the American investigation is to see whether any funds
wired by Madoff to London were diverted to offshore destinations, said
the investigative source.

Copyright © 2009, Newsday Inc.

http://www.newsday.com/iphone/ny-bzmadoff0329,0,850549.story

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