Page last updated at 12:21 GMT, Tuesday, 2 February 2010

Bernard Madoff prosecutions dropped by SFO

Bernard Madoff
Bernard Madoff is serving 150 years for fraud.

No prosecutions will take place in Britain in connection with the multibillion-dollar fraud carried out by Bernard Madoff.

Investigators from the Serious Fraud Office have been investigating Madoff Securities International, the British arm of his operations.

But it said no further action would be taken against the firm or its directors owing to insufficient evidence.

Madoff, aged 71, is serving 150 years for a $65bn (£41bn) fraud.

A Serious Fraud Office spokesman said inquiries into "wider aspects" of the fraud continued, as did work with overseas agencies, which is said "may give rise to offending in the UK".

But the spokesman added: "Following a thorough review of all the available evidence, it has decided to take no action against either the company or its directors, there being insufficient evidence to provide a realistic prospect of conviction."

Bernard Madoff admitted defrauding thousands of investors through a Ponzi scheme, which pays out using new investors' money rather than from any profits.

He said the scheme had been running since the early 1990s.

It unravelled when Madoff's investors, hit by the economic downturn, tried to withdraw about $7bn, but he could not produce the money.



Print Sponsor


RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific