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Saturday 13 December 2008

Spanish investors could have up to 3 billion euros ($3.98 billion) of exposure to funds managed by Wall Street trader Bernard Madoff,

Spanish investors could have up to 3 billion euros ($3.98 billion) of exposure to funds managed by Wall Street trader Bernard Madoff, accused of masterminding a fraud of up to $50 billion, Expansion said on Saturday. 'The first estimates suggest both groups (large fortunes and Spanish funds) could have invested more than 3 billion euros in vehicles managed by Madoff,' the financial daily said without naming its sources. Investors in hedge fund Optimal, run by Spain's largest bank Santander, Santander's private banking subsidiary Banif, M&B Advisers Gestion (M&B Capital Advisers) and Spain's second largest bank BBVA were among those affected, the same sources told the paper. A spokesman for BBVA said BBVA customers in Spain were not exposed to the fraud. 'BBVA has not commercialised in its network of retail clients or private banking in Spain products managed or deposited in Madoff Investment Securities,' he said. A spokesman for Santander declined to comment on whether it had exposure. Santander's Optimal has commercialised more than $3 billion dollars of Madoff funds, the newspaper ABC said, citing data from Bloomberg. Two funds of M&B Capital Advisers have $578 million invested in a Madoff hedge fund, ABC said, citing Bloomberg data. No one was available to comment at M&B Capital Advisers.

1 comments:

grannyjean said...

This scam, along with so many others,is sadly due to a total failure of regulation by the US authorities. This scheme was given a clean bill of health only the year before. The US is not only culpable of regulatory failure, in the UK and here in Spain frauds and scams by well known and allegedly ethical banks, causing stress and financial loss to many have been perpetrated unchecked by government regulators and encouraged by politicians.Whether something is legal or illegal it makes no difference if there is money to be made.Your money is best off under the mattress. Even the great and good Santander has been caught.
I am a victim so I know, if you feel you have been caught and think you may lose your home, get in touch.

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