Accountancy Magazine
SFO drops Madoff investigation
‘Insufficient evidence’ to provide conviction
02 February 2010
The Serious Fraud Office has concluded its investigation into Madoff Securities International and said it will be taking no action against the company or its directors.
The investigation into the UK arm of Bernard Madoff’s fraudulent investment services company followed an interim report given to the SFO by Grant Thornton, which was appointed as Madoff’s liquidator for UK funds at the end of December 2008.
‘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,’ the SFO said in a statement.
The SFO said it will continue to provide assistance to international partners in law enforcement on aspects of the continuing worldwide investigation and is continuing its own enquiries into wider aspects of the fraud.
The investigation into the UK arm of Bernard Madoff’s fraudulent investment services company followed an interim report given to the SFO by Grant Thornton, which was appointed as Madoff’s liquidator for UK funds at the end of December 2008.
‘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,’ the SFO said in a statement.
The SFO said it will continue to provide assistance to international partners in law enforcement on aspects of the continuing worldwide investigation and is continuing its own enquiries into wider aspects of the fraud.
CCH is a trading name of Wolters Kluwer (UK) Limited. Registered in England & Wales, No. 450650. Registered office: 145 London Road, Kingston upon Thames, Surrey KT2 6SR. Wolters Kluwer (UK) Ltd is authorised and regulated by the Financial Services Authority for general insurance business.