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the red flags in the Bernard Madoff Ponzi Scheme

21 June 2017

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.

The opinions expressed on this video are provided for the purposes of general interest and information and should not be relied upon. They contain only summaries of aspects of the subject matter at the time of publishing and do not provide comprehensive statements of the law. They do not constitute legal advice and do not provide a substitute for it. So why not talk to us and seek advice that's tailored to you? You can look up one of our experts on this website or call on 0370 270 6000.

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