The red flags in the Bernard Madoff Ponzi Scheme

The facts have become well known - Bernard Madoff, through his company BLMIS, conducted a Ponzi scheme previously unparalleled in scale, scope, and duration. Authorities estimate that Madoff defrauded his unsuspecting investors of approximately $65 billion. It’s the biggest financial fraud in US history - but were there any warning signs?

Derek Bambury, Senior Partner and Head of Business and Professional Risk at Browne Jacobson, talks about some of the complex legal issues that came into sharp focus as the courts in many countries attempted to achieve a coordinated and consistent approach in unravelling the consequences of a business collapse.

The particular facts of the Madoff story may not be repeated again exactly, but there are some lessons that can be learnt that will give hedge funds, financial institutions and their insurers the best chance of avoiding being caught up in any repetition.

BLMIS entered bankruptcy in 2008 and Irving H Picard was appointed Trustee in bankruptcy. The Trustee’s US counsel are BakerHostetler LLP and Browne Jacobson LLP are acting as lead foreign counsel.

Talk to Derek Bambury today about any of the legal issues that have emerged https://www.linkedin.com/in/derek-bambury-71a2771a/

Видео The red flags in the Bernard Madoff Ponzi Scheme канала Browne Jacobson LLP