Madoff sent client funds through Anglo
independent.ie/business/iris … 43936.html
By Nick Webb
Sunday November 15 2009
JAILED financier Bernie Madoff funnelled investor funds through Anglo Irish Bank accounts to pay for his extravagant lifestyle, a US court case has alleged.
Madoff, who was sentenced to 150 years in prison for his role in the infamous €45bn Ponzi scheme last June, is alleged to have shifted $16m (€11m) in client money through Anglo’s London operation and Barclays to his family’s personal accounts.
It is alleged client funds were transferred from Madoff’s head office in New York to its trading centre in London. Some of these funds were then transferred through Anglo to fund private investments, and a luxury yacht and vintage cars.
The case claims client funds were used to pay for a 75ft Leopold 23 sports yacht, the “Bull”, in 2007. It was seized after Madoff’s arrest and is being sold by Wyles Hardy yacht brokers on Tuesday, as part of a major sale of Madoff’s properties and assets.
The case claims that around €160,000 was withdrawn from the financier’s London bank accounts to buy a vintage Aston Martin sports car. A further €2.7m in client monies was funnelled to accounts for Madoff’s own use. more
