Legal proceedings unfolding across the pond have revealed Bernie Madoff’s U.K. operation was a “warehouse for stolen money,” reports the Financial Times.
“The liquidators of Madoff Securities International (MSI) are suing MSI’s former London directors including Stephen Raven, the former chief executive, and Madoff’s son Andrew in an attempt to recover about £33m.
Grant Thornton, the liquidators, claim that the directors breached their fiduciary duties to MSI, which was owned by Madoff. They allegedly authorised and failed to prevent ‘improper payments’ which went towards maintaining the luxury lifestyle of the Madoff family including £5m for a motor yacht, called the Bull, and an Aston Martin car,” explains the report.
Read more here.
Also read: