16 Apr, 2009 @ 11:30
1 min read

Madoff to Gibraltar


DISGRACED broker Bernard Madoff transferred 150 million dollars to Gibraltar a month before his arrest last year.

The American financier – who had lived a luxury lifestyle until embroiled in a massive financial fraud last year – is reported to have sent the money as a preferential payout to one of his clients.

Investigators are now checking what other assets he may have on the Rock.

Madoff set up a 65bn dollar pyramid scheme, which caught out a number of celebrities including Kevin Bacon and Larry King.

It also hit numerous pension schemes and banks, including the Royal Bank of Scotland.

Trustees are now attempting to recover the money from Swiss bank Jacob Safra to divide between Madoff’s victims who have lost out in the scandal.

By forcing the corrupt broker into bankruptcy 1bn dollars has so far been recovered which will go towards reimbursing investors.

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