Serious Fraud Office not chasing UK Madoff office

THE Serious Fraud Office (SFO) yesterday confirmed it will not pursue charges against the UK arm of Bernard
Madoff’s investment firm as it seeks to broaden its investigation.

“Following a thorough review of all the available evidence (the SFO) has decided to take no action against either the company or its directors, there being insufficient evidence to provide a realistic prospect of conviction,” a statement said.

The announcement confirms what sources said in December, that the SFO would drop its focus on the UK arm of Madoff Securities International in order to target the feeder funds which funnelled money to the US.

Madoff, serving a 150-year sentence after pleading guilty to running a $65 bn (£40.6bn) Ponzi scheme, has claimed he alone was responsible for the large-scale fraud. The SFO had tried to follow a trail of money from New York to the London arm.