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| Version 1 | Version 2 |
|---|---|
| SFO opens UK Madoff investigation | SFO opens UK Madoff investigation |
| (about 1 hour later) | |
| The Serious Fraud Office has said it is to open an inquiry into Bernard Madoff's business operations in the UK. | The Serious Fraud Office has said it is to open an inquiry into Bernard Madoff's business operations in the UK. |
| The investigation will focus on UK victims and any offences that may have been committed in the UK, the SFO said. | The investigation will focus on UK victims and any offences that may have been committed in the UK, the SFO said. |
| Mr Madoff is accused of running a fraudulent $50bn (£33.2bn) scheme that wiped out many investors. | Mr Madoff is accused of running a fraudulent $50bn (£33.2bn) scheme that wiped out many investors. |
| The SFO has called for anyone who has had dealings with any of Mr Madoff's UK businesses - including ex-employees - to assist in the investigation. | The SFO has called for anyone who has had dealings with any of Mr Madoff's UK businesses - including ex-employees - to assist in the investigation. |
| House arrest | House arrest |
| The swift action follows revelations before Christmas in the US about Mr Madoff's operations, as well as concerns from UK investors - some of whom fear they have lost several million pounds. | The swift action follows revelations before Christmas in the US about Mr Madoff's operations, as well as concerns from UK investors - some of whom fear they have lost several million pounds. |
| "The public say they want us to take early action and this is what we are doing," said the SFO's director, Richard Alderman. | "The public say they want us to take early action and this is what we are doing," said the SFO's director, Richard Alderman. |
| "We will work closely with other law enforcement agencies to discover the truth behind the collapse of these huge financial structures." | "We will work closely with other law enforcement agencies to discover the truth behind the collapse of these huge financial structures." |
| US prosecutors allege that a bogus business, run by the former Nasdaq stock market chairman, involved existing investors' returns being funded by cash from new investors - a fraud known as a Ponzi scheme. | |
| Among the first to admit potential losses was the Royal Bank of Scotland - 58% owned by the taxpayer - which said £400m was at risk in hedge funds. | |
| Meanwhile, Spanish bank Santander, which owns Abbey and the savings business of Bradford & Bingley, has said its potential exposure is more than £2bn. | |
| Mr Madoff is currently under house arrest in his New York penthouse. | Mr Madoff is currently under house arrest in his New York penthouse. |
| His $10m bail is covered by that home as well as his houses in Long Island and Florida. | His $10m bail is covered by that home as well as his houses in Long Island and Florida. |
| A parallel civil case has also seen his assets frozen. | A parallel civil case has also seen his assets frozen. |