MercoPress. South Atlantic News Agency

“Ponzi” Madoff fraud investigation extends to UK

An investigation has been launched into the British activities of alleged multi-billion-pound fraudster Bernard “Ponzi” Madoff. UK officials will focus on investors who lost huge sums when Madoff's financial business collapsed, the Serious Fraud Office (SFO) said.

Prosecutors in the United States said a bogus business run by the former Nasdaq stock market chairman lost at least 50 billion US dollars. Investigators are approaching former employees as they work to trace those hit in Britain, the SFO said. They appealed for investors or other financiers involved with Madoff's operations in the City of London and elsewhere to come forward. The move follows an interim report by Grant Thornton, a company brought in to liquidate Madoff's British assets. Richard Alderman, director of the SFO, said: "This is a good example of the SFO's new, faster, approach to tackling fraud. "The public say they want us to take early action and this is what we are doing. We will work closely with other law enforcement agencies to discover the truth behind the collapse of these huge financial structures. "And we again ask for help from ex-employees and others." Anyone involved with Madoff's businesses can contact the SFO online or by calling a hotline 020 7239 7272.