Bahamian Banks, Lawyers Involved in Bernie Madoff Scam
The court-appointed liquidator charged with recovering assets related to Bernie Madoff’s Ponzi scheme is investigating a Bahamas-based bank that may have had knowledge of Bernie Madoff’s fraud that eventually robbed his clients of billions and billions of dollars.
Kenneth Krys, CEO and founder of Krys and Associates Cayman Limited and liquidator for British Virgin Island’s-based feeder fund, Fairfield Greenwich Sentry, said that some Bahamas-based institutions are “quite” intricately involved with Madoff’s ponzi scheme.
The scheme, which landed Madoff in federal prison in the U.S. to serve a life sentence , has come to be known as the largest fraud in history.
According to Krys, his company has already sued some local financial entities in the U.S. in connection with Madoff’s fraud, and are pursuing other parties connected with the matter.
“We have a few Bahamian entities that we are pursuing as part of that litigation,” he said.
“At least in one case, the party we are pursing is in liquidation, so we’re going to have to deal with the liquidator here and we have retained counsel to file a claim in that estate to see if we can have a claim in that estate.
“And I believe there is one entity that might have been aware of the Madoff fraud and we might be pursuing them to try to get the full amount of monies that it pulled out, put back into the estate.”banks, corruption, courts, financial, United States