Bank Austria can breathe with Madoff
July 2, 2014, 05:30
The U.S. Supreme Court has rebuffed the creditor attorney in the Madoff case. He had asked for $ 19.6 billion
Washington - Request rejected: This is the only statement of the U.S. Supreme Court on the petition of the creditors' attorney in the fraud Causa Bernard Madoff. So just the decision is communicated - the reasons provided by the Supreme Court no -., So far-reaching are the consequences of Unicredit Bank Austria and Bank Medici threatened in the worst case, payments of 19.6 billion dollars. In this sum creditor attorney James Picard had sued the Austrians.
There are also claims against HSBC, JPMorgan and UBS . Overall, so far 51,700 victims from 191 countries have turned to a compensation fund. You have registered claims in the amount of $ 40 billion. Picard represents itself as court appointed liquidator of Madoff mass but only directly affected creditors. He has not fought for over nine billion dollars or redeemed by way of settlement. JPMorgan has thereby contributed $ 2.6 billion because it had neglected the Institute as a bank to report the abnormalities in the Gestion the Madoff vehicle.
Reared Ponzi scheme
The former Wall Street genius had raised a so-called Ponzi scheme: where high returns are paid to investors. The money was certainly not achieved, but lopped off by new investors. Madoff was arrested in December 2008 and later sentenced to 150 years in prison.
Particularly sensitive from an Austrian perspective, the intense connection between the founded by Sonja Kohn, Bank Medici, in which Bank Austria was involved, and Madoff's funds. "Over 20 years Kohn has a vast illegal scheme directed and exploited their special relationship with Madoff to pump at other people's money into his Ponzi scheme more than $ 9.1 billion," it says in the lawsuit.
Primeo Fund in the center
Enrich yourself would Kohn, her family and a larger number of individuals and firms, including Bank Austria and UniCredit - at the expense of investors. In fact, large amounts of money in Madoff's Ponzi scheme have flowed over the products sold by Bank Austria and placed on the Cayman Islands Primeo funds. However, so far, both the Supreme Court in Austria have now just been recognized as the U.S. Justice no compensation claims.However, Criminal investigations are still ongoing.
The Bank Austria would not comment on the U.S. judgment. (As, STANDARD, 02/07/2014)
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photo: reutersOn Bernard Madoff's Ponzi scheme followed billion lawsuits against several banks.
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