Luxembourg’s financial regulator has accused UBS of “serious failure” over its custodianship of a $1.4bn fund that funnelled money into Bernard Madoff’s alleged $50bn “Ponzi” scheme. The regulator, CSSF, ordered UBS to pay compensation, citing “serious failure of its surveillance role as a depositary bank” and gave the Swiss bank’s local arm three months to pay compensation and improve procedures and structures.

This entry was posted by Gwen Robinson on Thursday, February 26th, 2009 at 4:49 and is filed under Capital markets, People. Tagged with Bernard Madoff, ubs. Edit this entry.