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Madoff ‘moved £105m of assets to UK firm’
Bill Condie9 Jan 2009
Financer Bernard Madoff, now being probed by the Serious Fraud Office, moved almost $160 million (£105.4 million) of assets to his UK-based firm in 2007, according to company filings.
Madoff is accused by US authorities of running a fraudulent $50 billion pyramid scheme that caught out scores of victims.
He moved millions to the UK through the allotment of two sets of new shares in Madoff Securities International, a British firm he controlled.
In October 2007, he bought 49.9 million new 100p shares in the British firm for £49.9 million, documents show. He also received 6.25 million new $10 shares as payment for ending a $62.5 million loan he made to the British firm in 2000.
The SFO probe followed a report by Grant Thornton, provisional liquidators of Madoff's empire in Britain.
Madoff Securities International, based in Mayfair, was authorised by Britain's Financial Services Authority and is currently in liquidation.
A US judge is set to rule today or Monday on whether Madoff should be sent to jail or remain free on bail.
