MercoPress. South Atlantic News Agency

Madoff Ponzi-scheme “caught” Argentines with 500 million USD

Bernard Madoff

The colossal global Ponzi-scheme scam mounted by Wall Street financer Bernard Madoff and which is estimated in the range of 50 billion US dollars, apparently includes at least 500 million US dollars from Argentine investors, reports the Buenos Aires press.

The firm of solicitors Borda Abogados, contracted by the Spanish firm Cremades & Calvo Sotelo from Madrid and the New York based Labaton and Sucharow, which are defending the interests of swindled investors, have confirmed the sum. "According to information received from Europe, United States and our own clients, the sum committed in Argentina could be above 500 million US dollars", said solicitor Guillermo Borda when interviewed by La Nacion. "As was disclosed in the US by the long 160 pages list of Madoff' clients, among the victims are businessmen and non businessmen, mostly celebrities" admitted Borda, who added that Madoff chose his clients among people of high bracket income. In the list of victims of the former head of the technology stock exchange Nasdaq, made public at the Federal Bankruptcy Court in Manhattan, figure such celebrity names as Larry King, actors John Malkovich and Kevin Bacon, cinema directors Steven Spielberg and Pedro Almodóvar plus famous sportsmen, politicians, magnates from all over the world and charity institutions. So far in Argentina a collective action has been brought against the Spanish bank Santander, for having promoted the investment fund Optimal, one of Madoff's many clients. Some Argentine names have emerged but it is believed a significant percentage did so from offices or addresses overseas. Borda said the Argentines who trusted funds go Madoff did so through Banco Santander; others directly and finally those who did so on suggestions from the Spanish bank. Apparently Santander has proposed to reimburse initial deposits with ten year bonds yielding 2%. "We're not concerned with demands. We did what we had to do", Emilio Botín, president and CEO of Santander was quoted in the Madrid press.