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’UK launches Medici inquiry
UK investigators are probing the head of an Austrian bank that funnelled billions of dollars into Bernard Madoff’s “Ponzi” investment scheme, the FT has learnt. Sonja Kohn, president and majority shareholder of Bank Medici,
Madoff investors refunded $20m
A group of investors who put money with Bernard Madoff through a European “feeder” fund just before he was arrested for allegedly running a $50bn fraud scheme have been refunded more than $20m after agreement from the US bankruptcy trustee.
Half of Madoff loss borne by foreigners
Roughly half the estimated losses from Bernard Madoff’s alleged $50bn “Ponzi” are being borne by non-US investors, according to an analysis of available data. While most of the small individual investors appear to be in the US where Madoff’s main business was based,
Madoff-ici
As the implications of the Madoff scandal intensify for Austria’s Bank Medici, the New York Times reports that the bank’s founder Sonja Kohn – known for her red bouffant wig apparently – has dropped out of sight (possibly to hide from some disgruntled investors).
Weekend catch-up
In case you missed these stories:
- Austria takes control of Bank Medici
Bernard Madoff’s alleged $50bn fraud on Friday claimed its biggest victim to date as the Austrian government was forced to take control of Bank Medici,