Madoff sons had role in London operation

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

It emerged today that Madoff's sons, Mark and Andrew, became directors of the London operation Madoff Securities International Ltd (MSIL) more than 10 years ago. Both were given loans by the New York operation to buy shares in the Mayfair-based business, and each received dividends from it, according to documents filed at the time of Mark's divorce in 2000.

His stake in the London operation was valued at $5 million at the time, the Wall Street Journal reports. Bernard Madoff's wife Ruth and brother Peter were also listed as MSIL shareholders.

Although the London operation was set up in 1983, little real trading appeared to take place through it until the late 1990s when Madoff began to take an interest and expanded the operation. In November 2000, he loaned the London business $62.5 million.

Two years later, a former Madoff technology employee claims, he installed a closed-circuit TV camera to check that his British employees were not taking lengthy lunch breaks.

Madoff, 70, faces up to 150 years in jail and orders to return $170 billion.