Customers of the Safra Group, which includes one of Brazil’s biggest banks and has substantial private banking operations in the US and Europe, have emerged as victims of the Bernard Madoff scandal. Banco Safra of São Paulo for several years is understood to have marketed a fund called Zeus Partners, one of many “feeder” funds that channelled money to Bernard Madoff Securities, Madoff’s New York brokerage firm, from investors around the world, although Safra Group denies any involvement with Bernard Madoff Securities. The fund invested at least $300m on behalf of Safra’s customers, say people familiar with the matter.

This entry was posted by Gwen Robinson on Wednesday, February 18th, 2009 at 5:31 and is filed under Capital markets, Hedge funds, People. Tagged with Bernard Madoff, Safra, Zeus. Edit this entry.