The Serious Fraud Office has announced today that it is opening an investigation into Bernard Madoff's UK business operations. The focus of the investigation will be on UK victims and any criminal offences that might have been committed in the UK.
The decision follows receipt of an interim report given to the SFO by Grant Thornton, provisional liquidators in the UK. The SFO is liaising closely with law enforcement counterparts in the United States and with the City of London Police.
The swift action follows US revelations before Christmas and public concern in the UK about the robustness of Madoff's UK operations. Commenting on the opening of the investigation, the Director of the SFO, Richard Alderman said: “This is a good example of the SFO's new, faster, approach to tackling fraud. The public say they want us to take early action and this is what we are doing. We will work closely with other law enforcement agencies to discover the truth behind the collapse of these huge financial structures. And we again ask for help from ex-employees and others.”
The SFO recently made an appeal for individuals to come forward and help identify frauds in the City. As this new investigation gets under way the SFO is inviting investors or other stakeholders involved with the Madoff UK businesses to come forward and help them. They can do this by using the on-line referral form on the “Reporting a City fraud” page on www.sfo.gov.uk/cases/cityfraud/ or calling the hotline 020 7239 7272.
