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Luxembourg

Luxembourg: Regulator Faults UBS’ Due Diligence in Custodianship of Madoff-Related Investments

By Securities Docket on February 26, 2009, 7:01 am

Commission de Surveillance du Secteur Financier, Luxembourg’s financial regulator, accused UBS of “serious failure” yesterday as part of its investigation into investments that funds based in Luxembourg made in Bernard Madoff’s alleged $50 billion Ponzi scheme. The Times Online reports that the regulator particularly criticized UBS’ weak due diligence with respect to its custodianship of […]

Posted in Global | Tagged Financial Fraud, Luxembourg, Madoff, Regulators

Luxembourg: Court Orders UBS to Return €30m in Funds Tied to Madoff Investments

By Securities Docket on January 16, 2009, 6:25 am

On Thursday, a Luxembourg judge ordered Swiss bank UBS to repay €30m ($39m) to Oddo Asset Management, a French company that had invested in funds linked with Bernard Madoff.  Oddo successfully argued that although its investment in the Luxalpha fund set up by UBS had been sold on November 17 – roughly a month before […]

Posted in Global | Tagged Financial Fraud, Luxembourg, Madoff

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