As more details come to light about the alleged Madoff Ponzi scheme, lawyers representing those investors that lost millions are pointing the finger at the apparent lack of due diligence conducted by the banks and the funds that invested money with Madoff.
According to a report in the Financial Times, Santander's Swiss-based alternative investment arm, Optimal, "heaped praise" on Madoff before his arrest, for his ability “to find great entry and exit points to benefit investors”.
With parent bank, Banco Santander admitting losses of up to €2.33 billion as a result of the alleged Ponzi scheme, lawyers will be clambering all over this latest revelation.
Friday 23 January 2009
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